Uniswap has announced that it acquired marketplace Genie. This acquisition will allow NFTs to be integrated into its products. NFTs will be integrated into Uniswap’s widgets and developer APIS. Uniswap Labs is the principal developer of the Uniswap exchange protocol. It announced Tuesday that it had acquired Genie, a marketplace aggregator for non-fungible tokens (NFT).
According to a statement released by the company Tuesday, this move is part of its expansion efforts to include NFTs as well as ERC-20 tokens within its products.
Integration will also include the Uniswap app which allows users trade NFTs on all major marketplaces. The company tweeted that the move would be made in the fall.
Uniswap will integrate NFTs in its widgets and APIs for developers to make the platform more “comprehensive…for users and builders of web3”.
“We see NFTs, not as an ecosystem separate from ERC20, as an additional format for value in growing digital economy. They’re already an essential gateway to web3,” Uniswap stated in the statement.
The acquisition will have no impact on Uniswap’s other products such as the Uniswap Protocol and Governance, or the UNI token. Genie users will still be able to access the marketplace website until new Uniswap NFT experience becomes available.
Uniswap will distribute USDC as part of the acquisition to Genie users who have used the marketplace before April 15, or to Genie NFT holders.
Uniswap previously explored the NFT world. Unisocks was launched by the developer in 2019, which is an NFT liquidity pool. Tokens represent a pair limited-edition socks and a number of NFTs backed with real world assets.
Uniswap holds the largest market share in terms of volume trades since last year. Last month, the developer witnessed more than $1 trillion of crypto traded on decentralized exchange (DEX).
