Uniswap Labs acquires NFT aggregator platform Genie. Uniswap Labs said it soon acquired Genie to support NFT trading. The terms of the purchase agreement have not yet been disclosed.

"We're trying to bring everything we brought into the ERC-20 space to the NFT space," Uniswap founder and CEO Hayden Adams said Tuesday. commented.

NFTs can be purchased from a number of different marketplaces such as OpenSea, LookRare or Coinbase NFT. However, few offer their users the ability to purchase multiple items in a single transaction, while not offering aggregation tools that allow traders to view listings from other marketplaces. Genie offers both.

The vast majority of NFT volume currently occurs on OpenSea, although some competitors such as LookRare and Magic Eden are showing signs of waning some of their market share. Further expansion of Uniswap, one of the world's most popular DEX, into the NFT market could threaten other NFT marketplaces by enabling developers to directly integrate with a market-leading exchange.

"We see NFTs as another form of value in the growing digital economy and integrating them will not be easy for us," Uniswap Labs said on Twitter. made the statement.

Genie's acquisition comes two months after OpenSea purchased the NFT aggregator Gem, which allows users to purchase multiple NFTs in a single transaction. Like Uniswap, OpenSea plans to integrate NFT aggregation features into its main platform.

Uniswap said in a statement that it plans to add a new tab specifically for NFTs to its main site this year. It is also planned to add NFTs to developers' APIs and widgets.

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To celebrate the merger, Uniswap Labs plans to airdrop an undisclosed amount of USDC to Genie's initial backers. Anyone who has used the platform at least once or has a Genie Genesis NFT by April 15 will receive USDC.

Uniswap first entered the NFT space in 2019 with Unisocks. At the time of release, the current base price for Unisocks on OpenSea, the largest NFT marketplace, was 13 ETH.

The timing of the purchase coincided with the period when NFT trading volume was withdrawing due to the collapse in the crypto market. According to DappRadar data, total trading volumes fell in the past month.