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Uniswap Labs acquires Genie to integrate NFTs into its products Uniswap Labs acquires Genie to integrate NFTs into its products

Uniswap Labs acquires Genie to integrate NFTs into its products

The company said that the acquisition of Genie, the first NFT marketplace aggregator, will enable it to integrate NFTs into its own products and enable users to buy and sell NFTs through Uniswap.

Uniswap Labs acquires Genie to integrate NFTs into its products

Cover art/illustration via CryptoSlate

Uniswap Labs, the development team behind the decentralized exchange, announced that it had acquired Genie, the world’s first NFT marketplace aggregator.

According to the company’s announcement, acquiring Genie will expand the Uniswap (UNI) ecosystem and integrate both ERC-20 tokens and NFTs into its platform.

“As the worldโ€™s largest decentralized exchange protocol, Uniswap is a simple and safe place to access the benefits of digital ownership, offering deeper liquidity than leading centralized exchanges. Weโ€™re excited to bring what weโ€™ve learned building DeFi products to NFTs, giving even more people access to digital ownership and value.”

NFTs are coming to Uniswap

The acquisition was made by Uniswap Labs and will have no impact on any part of the Uniswap ecosystem. The company said that the acquisition will affect neither Uniswap Protocol, Uniswap Governance nor the UNI token.

Genie users will continue to have uninterrupted access to the Genie website until this fall, when the new NFT experience is set to launch. The company didn’t provide any further details as to when they plan on launching the new NFT feature.

To welcome the Genie community into the Uniswap ecosystem, the company will be airdropping USDC to anyone who used Genie more than once before April 15th. The announcement originally said that users holding GENIE:GEM NFTs will also be eligible for the airdrop but later retracted the information saying that USDC will be airdropped to Genie Genesis NFT holders instead.

The airdrop will launch in August and will be claimable for up to 12 months, based on a snapshot that has already been taken.

Throughout the summer, Uniswap Labs will work on integrating NFTs into its developer APIs and widgets. The company said that this will make Uniswap a comprehensive platform for users and builders in Web3.

“This isnโ€™t our first foray into NFTs. In Spring 2019, we launchedย Unisocks, the first instance of NFT liquidity pools, and of NFTs backed by real-world assets. Our work on Uniswap v3 NFT positions helped pioneer on-chain generative SVGs. We see NFTs as another format for value in the growing digital economyโ€”not a separate ecosystem from ERC20sโ€”and theyโ€™re already an important gateway to Web3.”

Posted In: Adoption, DeFi, NFTs, Trading