By
Andy Watson
April 26th, 2024
As NFTs gain interest from people across the world, it comes extremely difficult for the average cryptocurrency user to stay updated with the newest launches and announcements in the space.
According to an announcement on November 30th, cryptocurrency exchange Uniswap users can now avail of trading services of non-fungible tokens via its indigenous protocol. As mentioned by Uniswap, the feature will primarily host NFT collectibles for purchase on platforms like OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, NFT20, and NFTX.
To offer customers the best experience, the company has constructed an aggregator to offer better rates, faster indexing, and secure smart contracts with well-thought implementation.
Uniswap developers explain that customers can save more than fifteen percent of their gas costs in comparison to other NFT aggregators when utilizing Uniswap NFT which integrates ERC20 and NFT trading into a single swap router. Combined with Permit2, customers can exchange several assets and NFTs in a single swap while saving gas fees. The NFT aggregator is sponsored by the Universal Router smart contract and optimized by UX smart contract Permit2, both of which are Uniswap designs.
Moreover, Uniswap has also announced future airdropping of more than 5 million USDC to specific historical users of NFT aggregator Genie, based on a wallet snapshot on April 15th, 2022, while providing gas rebates to the initial twenty-two thousand NFT customers. But, the gas exemption will only be provided for two weeks and is maximized at 0.01 Ether (ETH). Genie users who can perform more than one exchange before April 15 are qualified to accept $300 while those who possess Genie’s Genesis NFTs or Genie Gem NFTs will be able to receive $1000 each.
The purpose of revealing the newly launched aggregator can be explained by the revenue data from the most prestigious NFT marketplace OpenSea. OpenSea’s Vice President of Product, Shiva Rajaraman explains that the total worth of collectibles sold on the platform by creators totals around $ 1.1 billion in 2022, with more than eighty percent of that amount being received outside of the top 10. This also does not comprise sponsorship revenue, engagement incentives, or grants.
As Non-Fungible Tokens gain interest from people across the world, it comes extremely difficult for the average cryptocurrency user to stay updated with the newest launches and announcements in the space. By allowing all the top markets in one place, with a system to additionally integrate more markets in the future, Uniswap is seeking to become a one-stop destination for the acquisition of NFTs.
The immense competition suffered by the company in its ambitious leaps is strong as both OpenSea and Rarible have moved fast in the previous months to expand their capabilities in collecting all NFTs from alternative markets.
