Cryptocurrency News, NFT (Non Fungible Tokens)

NFT Sector to Grow More Attractive with Support Coming from Uniswap

It goes without saying that the non-fungible token (NFT) sector has gained unmatched growth in the past couple of years. No other sector within the crypto-verse has gained so much traction and adoption as the NFT sector.

Almost every firm within the crypto-verse wants their hands on NFTs to gain more popularity inside and outside the crypto world. The cryptocurrency exchanges and even the decentralized exchanges have started making efforts of creating and offering NFTs.

Uniswap Exchange Acquires Genie

Every cryptocurrency or decentralized exchange is aiming to adopt non-fungible tokens. Amidst the competition for acquisitions, Uniswap has gone for acquisition in its own manner.

According to the latest reports from the decentralized world, Uniswap, a major decentralized exchange (DEX) has made a huge move in the NFT world. The exchange has reportedly acquired Genie, confirming the acquisition on Tuesday.

Genie is a major non-fungible token marketplace aggregator. Uniswap has also revealed what it aims to achieve with the acquisition of Genie. Uniswap aims to make its platform access to universal exchange and universal ownership.

Uniswap’s Product Line Grows with NFT Integration

With the acquisition of Genie, NFTs will become another product line on the list of products currently being offered by Uniswap. Uniswap is aiming to integrate the NFTs into many other products that are currently being offered/hosted by Uniswap.

Above all, Uniswap aims to start with the web application. Going forward, it plans on integrating the NFT product into features such as developer widgets and APIs.

Uniswap is a Veteran with NFTs

While many think this is the first time Uniswap interacted with NFTs, Uniswap had its fair share of being acquainted with them. Before NFTs any recognition, Uniswap had taken the liberty of interacting with the sector back in 2019.

It was the spring of 2019 when Uniswap had proceeded with the launch of a liquidity pool for NFTs. These pools for NFTs were backed by assets from the real world and the name of the service was Unisocks.

Uniswap’s Announcement for Genie users

Back in August of 2022, Uniswap had made an announcement of an airdrop for the USD Coin (USDC). Uniswap had announced that the airdrop will be an exclusive opportunity for the users of the Genie platform.

With NFTs growing into a gigantic industry, every major institution is aiming to show off its power in it. This is when the race for offering NFT services at the lowest gas fees would be a game-changer.

Therefore, Uniswap acquiring Genie, which is known for offering some of the lowest gas fee rates for buying and selling NFTs would earn it a huge success.

Even at the moment, the trading price of UNI is $5.58, up by 17.84% in the past 24 hours, and by 41.41% in the past 7-days.

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