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Uniswap Labs Acquires Ethereum NFT Aggregator, Genie

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2 years ago

June 25, 2022

Uniswap, the decentralised exchange, has purchased NFT Aggregator built on Ethereum, Genie for an unknown figure. The decentralised exchange is known to be the largest with a market share of 43% as of May 2022. It functions as an automated market maker (AMM) using decentralised liquidity pools powered by smart contracts where users swap tokens and other blockchain assets.

While this is a step further into the world of NFTs, the brand made its first move into the NFT market in 2019 by launching Unisocks, “the first instance of NFT liquidity pools, and of NFTs backed by real-world assets,” says the team. The progress they’ve made with Uniswap V3 has also helped in building on-chain generative SVGs as the team is ready to combine products around ERC-20 and NFTs.

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Workings of Uniswap and Genie

With this acquisition, “NFTs will be integrated into our products,” says the team as users will be able to buy and sell NFTs across all major marketplaces while using the Uniswap web app. There will also be the integration of NFTs into developer APIs and widgets so that builders can also find interesting elements to work with the Uniswap ecosystem.

As part of the acquisition and integration process, the Uniswap team decided to give USDC airdrop to all users of the Genie ecosystem. “The airdrop will launch in August and be claimable for up to 12 months, based on a snapshot that has already been taken,” says the team.

It’s also important to note that the acquisition was carried out by Uniswap Labs and hence has no effect on the Uniswap Protocol, Uniswap Governance, or the UNI token. As further information, and adaptation occurs, the team informed that “Genie users will continue to have uninterrupted service to the Genie website until the new Uniswap NFT experience is available.”

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