Uniswap Labs Acquires Genie, Announces Uniswap NFT

Uniswap Labs has acquired NFT marketplace aggregator, Genie to add NFTs and ERC-20 tokens to its product offerings.
Image source: uniswap.org

Quick take:

  • Uniswap Labs has acquired NFT marketplace aggregator Genie.
  • The company said users will be able to buy and sell NFTs on the Uniswap web app starting this fall.
  • Uniswap is expanding its product offering to include both ERC-20 tokens and NFTs.

Uniswap is extending its product offering to include non-fungible tokens (NFTs). The company announced on Tuesday via a blog post on its website that it has acquired one of the leading NFT marketplace aggregators Genie. Uniswap said the acquisition will also help it enable the purchase and sale of ERC-20 tokens on its web app.

“In pursuit of our mission to unlock universal ownership and exchange, today we’re expanding our products to include both ERC-20s and NFTs. We’re excited to announce that we’ve acquired Genie, the first NFT marketplace aggregator, which lets anyone discover and trade NFTs across most platforms,” Uniswap wrote in a statement.

Uniswap also revealed via a Twitter thread that users will be able to buy and sell NFTs directly from its web app starting this fall. 

The company plans to integrate NFTs into its developer APIs and widgets, making its platform a comprehensive ecosystem for users and builders of Web3.

Uniswap made its foray into NFTs in 2019, when it launched Unisocks, an NFT liquidity pool backed by real-world assets. The company sees “NFTs as another format for value in the growing digital economy—not a separate ecosystem from ERC20s—and they’re already an important gateway to web3.”

It claims that its Uniswap v3 NFT positions helped pioneer on-chain generative scalable vector graphics (SVGs).

Uniswap has announced a USDC airdrop for Genie users claimable for up to 12 months, beginning this August.

The company pointed out that since the acquisition is made by Uniswap Labs, it will not affect Uniswap Protocol, Uniswap Governance, or the UNI token in any way.

On the other hand, Genie users will continue buying and selling NFTs via the Genie platform until the Uniswap NFT is ready for use.

Uniswap is looking forward to bringing its experience and expertise as a decentralised exchange protocol to its NFTs and ERC-20token traders. “We’re excited to bring what we’ve learned building DeFi products to NFTs, giving even more people access to digital ownership and value,” it wrote.

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