ContributorsPublishersAdvertisers

Uniswap launches an NFT aggregator after acquiring Genie

Fortune
Fortune
 2022-11-30

https://img.particlenews.com/image.php?url=1uIgIU_0jSNGFlY00

Though sales of non-fungible tokens, or NFTs, have dropped substantially amid the ongoing Crypto Winter, Uniswap Labs remains bullish on the future of the market.

The company, which backed the development of Uniswap, the largest decentralized exchange, today launched its own NFT aggregator platform after it shared in June that it had acquired Genie .

Unlike an individual NFT marketplace, the Uniswap aggregator allows users to view listings from OpenSea, LooksRare, NFTX, and others all at once. Users can then assess prices across the board and determine whether they want to buy or sell their own NFTs, either individually or in batches.

The goal isn’t to create another NFT marketplace, Mary-Catherine “MC” Lader, COO of Uniswap Labs, tells Fortune.

https://img.particlenews.com/image.php?url=1ijlYk_0jSNGFlY00
Uniswap Labs launched its NFT aggregator platform after acquiring Genie. Courtesy of Uniswap Labs

“It’s not competing with OpenSea. It’s not telling you to list your NFTs on Uniswap. It’s just giving you access to OpenSea and the other marketplaces,” Lader says. “The marketplaces have many other important functions. They have a lot of creator tools that help creators mint NFTs, and we’re not competing with that.”

Uniswap Labs noted that its aggregator will be the “the first major NFT platform” to open source its front-end code, and also mentioned that it will be more gas-efficient for users, meaning cheaper transaction fees.

Despite much of the criticism that follows NFTs and the current market slump, the company sees long-term promise in its aggregator.

“We believe that NFTs are in the very early stages of their development,” Lader said. “A non-fungible item can be used for lots of different things—well beyond what they're being used for today."

Recently, Uniswap Labs announced it raised a $165 million Series B funding round, valuing the company at $1.66 billion . In May, the decentralized exchange surpassed $1 trillion in lifetime trading volume , and it's previously dipped into the NFT realm with Unisocks, a token that was redeemable for a real pair of socks .

This story was originally featured on Fortune.com

More from Fortune:

The American middle class is at the end of an era

Sam Bankman-Fried’s crypto empire ‘was run by a gang of kids in the Bahamas’ who all dated each other

The 5 most common mistakes lottery winners make

Sick with a new Omicron variant? Be prepared for this symptom

Comments / 0

Comments / 0