Uniswap Labs Pushes Further Into NFTs With Genie Acquisition

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  • Uniswap Labs announced it has acquired NFT mar­ket­place aggre­ga­tor Genie
  • The deal will enable Uniswap to add func­tion­al­i­ty so the web app can buy and sell NFTs across major marketplaces

Uniswap Labs announced Tues­day it has acquired NFT mar­ket­place aggre­ga­tor Genie in a move that will enable the devel­op­er of the Uniswap decen­tral­ized cryp­to trad­ing pro­to­col to fur­ther incor­po­rate NFT (non-fun­gi­ble token) func­tion­al­i­ty into its prod­uct range. 

The acqui­si­tion will enable the firm to incor­po­rate NFT mar­ket­places into the Uniswap’s web app and to “inte­grate NFTs into our devel­op­er APIs and wid­gets, mak­ing Uniswap a com­pre­hen­sive plat­form for users and builders in [Web3],” the com­pa­ny said in a statement. 

As a part of the acqui­si­tion, Uniswap will also air­drop USD Coin (USDC) to Genie users who used the mar­ket­place more than once before April 15 and to those who hold a GENIE:GEM NFT, the com­pa­ny tweet­ed. The air­drop will launch in August and can be claimed for up to 12 months. 

The fur­ther expan­sion of Uniswap, one of the world’s most pop­u­lar decen­tral­ized exchanges, into the NFT mar­ket could threat­en oth­er NFT mar­ket­places by enabling devel­op­ers to inte­grate direct­ly into a mar­ket-lead­ing exchange. 

The com­pa­ny first ven­tured into NFTs in spring 2019 when it launched Unisocks, an NFT liq­uid­i­ty pool backed by real-world assets, accord­ing to the statement. 

The acqui­si­tion was made by Uniswap Labs and has no impact on the Uniswap Pro­to­col, Uniswap Gov­er­nance or the UNI token, the state­ment added. 

A spokesper­son for the com­pa­ny didn’t imme­di­ate­ly respond to a request for comment.

In May, the exchange hit more than $1 tril­lion worth of cryp­to trades since its launch in 2018. About $3.34 bil­lion worth of cryp­tocur­ren­cy is cur­rent­ly locked inside the exchange.


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  • Joce­lyn Yang

    Block­works

    Reporter

    Joce­lyn is a New York-based reporter. Pri­or to join­ing Block­works, she cov­ered wealth man­age­ment for Finan­cial Times’ B2B pub­li­ca­tion Finan­cial Advi­sor IQ and wrote about the cryp­to mar­kets for Forkast.News. Joce­lyn holds a bach­e­lor’s degree in jour­nal­ism from Emer­son Col­lege. Born and raised in Bei­jing, Chi­na, she is native in Man­darin. You can reach out to Joce­lyn at [email pro­tect­ed]



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