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Quick takeaways:

Uniswap Labs disclosed that it has purchased Genie, the original NFT marketplace aggregator.
Uniswap is going to provide a larger package of product offerings, including both ERC-20 tokens and NFTs in its system.
Users will be able to trade NFTs on the Uniswap web app starting this fall.

On June 21st, Uniswap unveiled its acquisition of the first NFT marketplace aggregator, Genie, affirming its mission to unlock universal ownership and exchange.

Uniswap is a well-known Ethereum blockchain-based decentralized cryptocurrency exchange. Uniswap utilizes a relatively new sort of trading mechanism known as an automated liquidity protocol and is totally decentralized, meaning it isn’t owned and run by a single company.

In 2018, the Uniswap platform was developed on the Ethereum blockchain, the second-largest cryptocurrency project in the world by market capitalization. As a result, it is compatible with all ERC-20 tokens and supporting infrastructure, including wallet services like MetaMask and MyEtherWallet.

Two smart contracts—an “Exchange” contract and a “Factory” contract—run Uniswap. These are automated computer programs made to carry out particular tasks when certain criteria are satisfied.

Through an automated liquidity mechanism, Uniswap addresses the liquidity issue faced by centralized exchanges. This operates by providing incentives for exchange traders to become into liquidity providers (LPs): Users of Uniswap combine their funds to establish a fund that is used to carry out all trades made on the site. Each token mentioned has its own pool that users may contribute to, and a computer-run math method is used to determine each token’s price.

With this approach, a transaction may be completed without waiting for the other side to show up. Instead, if there is sufficient liquidity in the specific pool, they can quickly execute any deal at a given price.

Uniswap Labs disclosed the acquisition of Genie, the original NFT marketplace aggregator.

Uniswap has transformed and experienced the ever growth since founding. Starting from this fall, the company will officially add Genie’s NFT marketplace aggregator services on its own web app, allowing its users to discover and trade NFTs across most platforms. Certainly, NFTs and ERC-20 tokens will be added to Uniswap’s product offerings.

In the meantime, they’re assured all Genie users of no interruption for their experience in Genie’s main site. Additionally, Uniswap claims this acquisition was made by Uniswap Labs and has no impact on the Uniswap Protocol, Uniswap Governance, or the UNI token.

NFTs are already being considered as a gateway to web3. Including NFTs to the service package clearly shows Uniswap’s aspiration of becoming an essential platform for web3 users and builders alike. To get closer to the ultimate target mentioned above, Uniswap plans to quickly integrate NFTs into its developer APIs and widgets, accelerating its technical development to back up the merge technology and upgrade Uniswap app correspondingly.

With rich experience and expertise in building DeFi products, Uniswap is more than confident to give even more people access to digital ownership and value via NFT trading services. “As the world’s largest decentralized exchange protocol, Uniswap is a simple and safe place to access the benefits of digital ownership, offering deeper liquidity than leading centralized exchanges.” Uniswap self-affirmed in a statement.

This isn’t our first foray into NFTs. We introduced Unisocks in the spring of 2019 as the first NFT liquidity pool and NFT supported by physical assets. Through our work on Uniswap v3 NFT locations, on-chain generated SVGs were made possible. NFTs, which are already a key entry point to web3, are what we view as another format for value in the developing digital economy—not a different ecosystem from ERC20s. In a statement, Uniswap stated