Uniswap Labs buys NFT marketplace aggregator, Genie

On Tuesday, Uniswap Labs, the company behind the Uniswap decentralized exchange protocol, announced the acquisition of Genie, a non-fungible token (NFT) marketplace aggregator.

According to a statement released by the company on Tuesday, the move is part of its endeavor to integrate NFTs and ERC-20 tokens among its offerings.

The Uniswap web app, which allows users to trade NFTs across all major marketplaces, will be included in the connection. According to the corporation, the shift will take place as soon as this fall.

NFTs will also be integrated into Uniswap's developer APIs and widgets, making the platform "complete... for users and builders in web3," according to the company.

"We regard NFTs as another format for value in the emerging digital economy — not as a different ecosystem from ERC20 — and they're already an important entryway to web3," according to Uniswap.

Uniswap's other products, such as the Uniswap Protocol, Uniswap Governance, and the UNI coin, will not be affected by the transaction. Until the new Uniswap NFT experience is launched, Genie users can continue use the marketplace website.

In addition, Uniswap will airdrop USDC to Genie customers who utilized the marketplace more than once before April 15 or who own a GENIE:GEM NFT as part of the deal.

Uniswap has previously dabbled in the NFT market. The developer released Unisocks, an NFT liquidity pool that produced tokens symbolizing a pair of limited-edition socks as well as several NFTs backed by real-world assets, in 2019.

Since last year, Uniswap has had the highest share of the market in terms of trading volume. Last month, the decentralized exchange (DEX) protocol saw over $1 trillion in bitcoin transacted.