One of the world’s largest decentralized exchanges, has announced that it is adding the NFT buy-sell feature to its platform, and the ability to trade with major NFT marketplaces.
The renowned decentralized cryptocurrency exchange (DEX), announced a new product for its platform. Uniswapannounced a new product for its platform, which consists of an NFT aggregator and which is already available for its users.
This aggregator will make it possible to operate from the platform with the main marketplaces, of which there are currently eight.
As officially communicated, the company stated that as of November 30, the function of exchanging NFT through the major marketplaces to find the best collectibles and lower prices will be enabled.
Thanks to the new NFT aggregator incorporated by Uniswap, users of this platform will be able to buy and sell non-fungible tokens in marketplaces such as OpenSea, Sudoswap, LooksRare, among others. Through this aggregator, the company seeks to offer good prices, faster indexing, smart contracts with better security and more efficient execution.
Uniswap’s interest in NFTs does not start with this incorporation. As we reported from NFTEXPRESS in the published article on the web dated August 25, the DEX began to take an interest in being part of a funding round for different NFT lending platforms, in order to provide liquidity to this common problem in the NFT field.
Nor does this launch come without its respective antecedents. Almost simultaneously with DEX’s demonstrated interest in bringing liquidity to NFT lending platforms, Uniswap announces acquisition of GenieUniswap, the leading NFT aggregator in the market.
Scott Gray, Uniswap’s head of NFT products and founder of the Genie aggregator, remarked that with this new built-in tool, Uniswap becomes the only NFT aggregator to have ERC-1155 token listings on the major NFT marketplaces.
Hayden Adams, the founder of the decentralized exchange, stated on his official Twitter account that Uniswap is going to become the market platform for all types of digital assets, incorporating with this new tool NFTs, which previously could not be traded through its platform.
REDUCTION OF TRANSACTION COSTS
He further expressed that Uniswap tested its novel functionalities by purchasing 50 non-fungible tokens from the Froggy Friends collection via one click. He commented that this transaction only involved a $120 gas fee for the transaction on the Ethereum blockchain.
In turn, Hayden reported that DEX aimed to acquire at least 1 NFT per day in a week’s time as a way to celebrate the launch of its new NFT aggregator.
Another relevant issue with the launch of their tool is that they offer a reduction of up to 15% in gas feeson the Ethereum network, compared to other NFT aggregators. This cost reduction in fees is possible thanks to their innovative smart contract Universal Router.
Uniswap Labs, the main developer behind the decentralized exchange and the new NFT aggregator, stated that its main goal is to break the barrier between cryptocurrency exchanges and NFT marketplaces.
His team expressed that NFTs and ERC 20 tokens have been existing but very separately from each other, even though both are essential for the growth of the digital economy. With the launch of this new aggregator, the beginning of interoperable experiences between the two will be possible.
A relevant fact communicated by the team is that decentralization remains its key pillar and it does not cease to be so with this new tool, which is why the NFT aggregator is open source and self-custodial.Hayden emphasized that its new NFT tool is the first NFT routing protocol to be open source.
AIRDROP FOR USERS
In order to celebrate the incorporation of this new tool to the platform, Uniswap will make a distribution of $5 million dollars in the USDC stablecoin. The detail is that it will not be available to all users of the platform, but that certain prerequisites must be met.
To be eligible for this airdrop, the user must have used the NFT Genie aggregator more than once prior to April 15, 2022, or have an NFT Genie by the same date.
In this way, a snapshot of the data will be taken on April 15 at 00:00hs UTC, which will create 2 profiles eligible to receive the USDC through the airdrop. Those who meet the requirement of having made more than 1 transaction before that date will be eligible to receive $300 USDC. On the other hand, those who have had a Genie NFT at the time of the snapshot will be eligible to receive $1,000 USDC.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express