The past few weeks have been a dark time for NFT enthusiasts and players in the crypto industry, but for startups and executives who have delved into the vision of the crypto future, it has also been an opportunity to double down.
Uniswap announced a new acquisition this week. buyout of NFT Genie marketplace aggregator for an undisclosed amount. The purchase was made by startup Uniswap, which has raised millions of dollars from firms like Andreessen Horowitz and Paradigm to help build Uniswap, a decentralized exchange protocol.
Users know Uniswap as a decentralized way to exchange a wide variety of tokens; this new acquisition will add non-fungible tokens. Genie provides users with a library of NFTs available on various marketplaces and makes it possible for them to see and trade NFTs on most of these platforms. The Uniswap team says it will use this product to build the Uniswap NFT vertical on its platform, which will be launched this fall.
A company’s bet on NFT aggregation is a bet on the diversification of NFT trading floors over time. For now, the vast majority of NFT volume comes from OpenSea, although some competitors such as LooksRare and Magic Eden are showing signs of shrinking some of their market share. Coinbase appears to have messed up an early rollout of its own NFT marketplace, suggesting that OpenSea could be a big enough market leader to dethrone it.
The timing of the acquisition comes as the future of NFT trading volumes has been called into question as the broader cryptocurrency market has plummeted. While total transaction volume has declined only marginally over the past month, US dollar NFT purchases have fallen by more than 66%. DappRadar.
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