Saturday, March 2, 2024

Uniswap Labs Is Acquiring NFT Platform Genie: Report

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Uniswap labs is acquiring the Ethereum NFT platform Genie in a bid to bring something new to the NFT space so let’s read more in today’s latest cryptocurrency news.

Uniswap Labs is the company behind the decentralized exchange Uniswap and today, it announced it to be acquiring the NFT aggregation platform Genie. The founder and CEO Hayden Adams said:

“We’re trying to bring everything we brought to the ERC-20 space to the NFT space.”

NFTs are unique blockchain tokens that signify ownership and can be purchased on a number of different marketplaces like OpenSea, Coinbase NFT, and LooksRare. A few however offer the ability to purchase multiple items in one transaction and none offer aggregation tools that allow traders to see listings on other rival marketplaces but Genie offers both:

“We see NFTs as another form of value in the growing digital economy, and it’s a no-brainer for us to integrate them.”

The Genie acquisition came only two months after OpenSea announced it will buy the NFT aggregator Gem which allows users to purchase multiple NFTs in one transaction. Just like Uniswap, OpenSea plans to integrate NFT aggregation features into the main platform and as a part of the push into NFT, the company said that it plans to add a new tab specifically for the NFTs to the main site later this year and has plans to add NFT to the developers’ API and widgets. In order to celebrate the acquisition, Uniswap said that it plans to airdrop an undisclosed amount of the stablecoin USDC to genie’s supporters and anyone that used the platform at least once will receive USDC.

uniswap labs

Uniswap got into NFTs back in 2019 with Unisocks or NFTs that are entitled holders to a physical pair of socks and at the time of publication, the floor price for Unisocks on Opensea as the biggest NFT market was set at 13 ETH.

As recently reported, Ethereum’s Immutable X is used by companies like Tiktok, ESL, GameStop, and more for NFT collectibles and crypto-powered video games. The funds will support the development and will build upon success with games like Gods Unchained and Guild of Guardians.  Immutable announced the launch of a $500 million fund to boost developer adoption on the paltform and the fund will invest and provide grants to projects that will continue building on the platform using a mix of IMX tokens and cash in partnership with VC funds and ecosystem allies.

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