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Uniswap Labs acquires NFT marketplace Genie

Uniswap Labs, the main developer of the Uniswap decentralized exchange protocol, said on Tuesday that it has acquired non-fungible token (NFT) marketplace aggregator Genie.

The move marks part of its expansion effort to include NFTs and ERC-20 tokens among its products, according to a statement from the company on Tuesday. 

The integration will include the Uniswap web app, which allows users to trade NFTs across all major marketplaces. The move will happen as soon as this fall, the company tweeted

Uniswap will also integrate NFTs into its developer APIs and widgets to make the platform “comprehensive … for users and builders in web3.”

“We see NFTs as another format for value in the growing digital economy — not a separate ecosystem from ERC20 — and they’re already an important gateway to web3,” Uniswap said in the statement.

The acquisition will not have an impact on Uniswap’s other products, such as the Uniswap Protocol, Uniswap Governance or the UNI token. Genie users can also still access the marketplace website until the new Uniswap NFT experience is available.

As part of the acquisition, Uniswap will airdrop USDC to Genie users who used the marketplace more than once before April 15 or to those that hold a GENIE:GEM NFT.

Uniswap has previously ventured into the world of NFT. In 2019, the developer launched Unisocks, an NFT liquidity pool that issued tokens representing a pair of limited edition socks, and several NFTs backed by real world assets. 

Uniswap has the largest share of the market in terms of trade volume since last year. The developer saw over $1 trillion in crypto traded on the decentralized exchange (DEX) protocol last month.


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