Uniswap has acquired Genie, the first NFT marketplace aggregator for an undisclosed sum. Like us, you might be wondering what comes next?
As we all know, Uniswap is the largest decentralized exchange in the world. It allows us to transact with one another in a trustless manner. However, things are set to change as it acquires Genie, the first NFT marketplace aggregator, with plans to venture into the NFT space. So how will the acquisition impact us?
The company says on its blog that the acquisition will not impact the protocol, governance, or UNI token. Genie users get uninterrupted service at least until this fall when the NFT integration is likely to take place.
Well, a snapshot on Genie was taken and those who have transacted on the platform are eligible for a USDC airdrop. The airdrop will launch in August and will be claimable for up to 12 months.
If you are not eligible for the airdrop, fret not! Uniswap also says that it will integrate NFTs into its developer APIs and rollout a platform for trading NFTs. If you are unhappy with Opensea’s fees, now you have another alternative platform for trading NFTs! This would place Uniswap with the likes of LooksRare and X2Y2 who are also close competitors to Opensea.
Price Action
Since the announcement, Uniswap has also overtaken Ethereum in terms of fees paid over a 7-day rolling average. According to data from Crypto Fees, daily fees collected on Uniswap reached $4.87M between 15 June to 21 June whereas fees on Ethereum recorded $4.58M. As of the time of writing, the price of UNI stands at $5.27, with a total value locked of $4.8B and a fully diluted valuation of $5.2B. Many analysts have expected this to be a bullish event for UNI with the next level of resistance at $7.50 and $9.80.
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