Uniswap in talks with 7 lending protocols to ‘build NFT financialization’

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Decen­tral­ized exchange Uniswap is in talks with sev­en NFT lend­ing pro­to­cols, accord­ing to a tweet from its head of NFT prod­uct Scott Lewis.

Accord­ing to Lewis, Uniswap would work with each lend­ing pro­to­col to “solve for liq­uid­i­ty frag­men­ta­tion and infor­ma­tion asym­me­try.” He added, “this is the first step to build­ing NFT financialization.”

Lewis did not reveal which lend­ing pro­to­cols are in dis­cus­sions with Uniswap.

Com­mu­ni­ty recep­tive to the idea

The NFT com­mu­ni­ty has wel­comed news of Uniswap’s grow­ing inter­est in the scene.

Accord­ing to Shi­er, the com­mu­ni­ty “needs a more con­cise inter­ac­tion method to par­tic­i­pate in the liq­ui­da­tion and auc­tion of NFT assets.”

Sev­er­al NFT plat­forms like Unlockd_Finance, Liq­uid NFTs, Fuku, and oth­ers also expressed inter­est in par­tic­i­pat­ing in the talks with Uniswap.

Uniswap and NFTs

Uniswap has shown inter­est in the NFT scene with some acqui­si­tions and integration.

The DEX recent­ly announced the inte­gra­tion of Sudoswap, a decen­tral­ized NFT mar­ket­place, to its plat­form to allow for effi­cient NFT swaps.

Sudoswap already incor­po­rates some of the fea­tures of decen­tral­ized exchanges, such as swap­ping and auto­mat­ed mar­ket mak­er for NFTs.

Uniswap also acquired Genie, an NFT mar­ket­place aggre­ga­tor. Accord­ing to its announce­ment, its Genie pur­chase is geared towards “mak­ing Uniswap a com­pre­hen­sive plat­form for users and builders in web3.”

Dap­pRadar wrote that Uniswap’s move into NFTs “could ush­er in a new kind of NFT that does not only rely on rar­i­ty fac­tors and exclu­siv­i­ty but actu­al finan­cial utility.”

NFT lending under the spotlight

NFTs lend­ing ser­vices have been under the spot­light in recent weeks as fears of liq­ui­da­tion sur­round blue-chip NFTs on BendDAO.

Accord­ing to avail­able infor­ma­tion, around $55 mil­lion could be wiped off the market.

Mean­while, Bend­DAO has passed an emer­gency pro­pos­al to see its col­lat­er­al liq­ui­da­tion thresh­old drop to 70% from 85%. The pro­pos­al also short­ens the auc­tion peri­od from 48 hours to 4 hours.



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