The NFT marketplace aggregator, Genie, was purchased by Uniswap Labs, the primary developer of the Uniswap decentralised exchange platform.
According to a statement released by the company on Tuesday, this move is a part of its growth push to include NFTs and ERC-20 tokens among its offerings.
The Uniswap web app, which enables users to trade NFTs across all significant exchanges, will be integrated. The corporation tweeted that the change might take place as soon as this fall.
To make the platform “comprehensive… for users and builders in web3,” Uniswap will also incorporate NFTs into its developer APIs and widgets.
“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 Uniswap Protocol, Uniswap Governance, and the UNI coin won’t be affected by the acquisition, nor will any other Uniswap products. Until the new Uniswap NFT experience is available, Genie users can continue to visit the market website.
Users of Genie who accessed the marketplace more than once before April 15 or those who own a GENIE:GEM NFT will get an airdrop of USDC from Uniswap as part of the acquisition.
Uniswap has previously dabbled in the NFT industry. A number of NFTs with real-world assets were released by the developer in 2019, including Unisocks, an NFT liquidity pool that sold tokens that represented pairs of limited-edition socks.
Since last year, Uniswap holds the greatest market share in terms of trading volume. Last month, Uniswap surpassed the $1 trillion lifetime trading volume mark.
