To include NFTs into its products, Uniswap Labs buys Genie.
The decentralised exchange’s development team, Uniswap Labs, declared that it has acquired Genie, the first NFT marketplace aggregator ever created. The acquisition of Genie, according to the company’s release, would broaden the Uniswap (UNI) ecosystem and incorporate NFTs as well as ERC-20 tokens into its platform. “Uniswap, the largest decentralised exchange protocol in the world, has deeper liquidity than the top centralised exchanges, making it an easy and secure way to access the advantages of digital ownership. We’re eager to apply the lessons we’ve learned from developing DeFi products to NFTs, expanding access to digital ownership and value.
The Uniswap ecosystem will not be affected by the acquisition, which was done by Uniswap Labs. The acquisition won’t have an impact on the UNI token, Uniswap Protocol, or Uniswap Governance, according to the business. Up until this autumn, when the new NFT experience is scheduled to debut, Genie users will have unhindered access to the Genie website. The business gave no additional information regarding the launch date for the new NFT capability. The firm will airdrop USDC to anyone who used Genie more than once before April 15th as a way to welcome the Genie community to the Uniswap ecosystem. The announcement first stated that customers owning GENIE:GEM NFTs would also be eligible for the airdrop, but then withdrew the statement and stated that Genie Genesis NFT holders would instead receive USDC as an airdrop. Based on a snapshot that has already been taken, the airdrop will begin in August and will be redeemable for up to 12 months. Uniswap Labs will work on incorporating NFTs into its developer APIs and widgets throughout the summer. According to the business, this will turn Uniswap into a complete Web3 platform for users and builders.