Uniswap acquires NFT startup Genie
Jun 23, 2022 | Mallika Rangaiah
About the Company
Uniswap is a decentralized platform, established by the crypto entrepreneur Hayden Adams. The platform is on the Ethereum blockchain to offer safe and accessible ERC-20 token trading.
Uniswap is equipped with a wide ecosystem of DeFi apps, tools and integrations built on the Uniswap protocol, that cannot be upgraded. The platform operates on two smart contracts; the “Exchange” contract and the “Factory” contract. It is an open source platform, its users can vote, swap, and earn via the Uniswap ecosystem. For instance, MetaMask is part of the Uniswap ecosystem.
About the Acquisition
In a June 21 announcement, Uniswap has proclaimed that it has acquired the NFT marketplace aggregator Genie for an undisclosed amount. The platform quoted NFTs as a “form of value in the growing digital economy”. NFT trading will soon be included as an option in the platform’s web app, allowing users to purchase and sell NFTs in the coming months.
NFTs will also be integrated into Uniswap’s developer APIs , enabling the web3 creators to access relevant data. The present users of Genie’s service can continue to avail the original service till Uniswap launches its own version.
In its announcement, Uniswap also noted that it has operated with NFTs before. Prior to this, the platform had introduced a promotional NFT series called Unisocks. It also contributed to on-chain generative SVGs, enabling NFT images to be stored in blockchain code instead of as a linked image.
This acquisition however, has a wider scope and potential as opposed to the previous endeavors.
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