The last few weeks have been rough for people who like NFTs and people who work in the cryptocurrency industry, but for startups and executives who are committed to the idea of a crypto future, it’s been a chance to double down.
This week, Uniswap said that it had made a new purchase. It bought the NFT marketplace aggregator Genie for an amount that was not disclosed. The startup Uniswap made the purchase. Firms like Andreessen Horowitz and Paradigm have given them a million dollars to help them build Uniswap, the decentralized exchange protocol.
Users know that Uniswap is a decentralized way to trade a wide range of tokens. This new purchase will add tokens that can’t be used to buy other tokens. Genie gives users access to a library of NFTs that are available on different marketplaces and lets them see and trade NFTs on most of these marketplaces. The team at Uniswap says that they will use the product to add a Uniswap NFT vertical to their platform, which will be released this fall.
The company is betting on NFT aggregation, which is a bet that NFT marketplaces will become more diverse over time. At the moment, the vast majority of NFT trades happen in OpenSea, but rivals like LooksRare and Magic Eden are starting to take away some of their market share. Coinbase’s early rollout of their own NFT market seemed to go wrong, which suggests that OpenSea may be a hard market leader to beat.
The acquisition is happening at a time when the future of NFT trading volumes has been called into question because the crypto market as a whole has dropped. DappRadar says that while the total number of transactions has only gone down a little bit in the past month, the number of NFTs bought with USD has dropped by more than 66%.