Erik Weijers, 6 months ago

NFTs live on Uniswap

Yesterday, Uniswap launched the option to trade NFTs on its platform. Uniswap will be an aggregator: it lists NFTs from all major marketplaces, including OpenSea and LooksRare. Uniswap claims its NFT marketplace is up to 15% cheaper in gas fees compared to other NFT aggregators. 

With the launch, the decentralized exchange makes good on its promise of last summer, when it acquired NFT marketplace aggregator Genie. Aggregators combine multiple marketplace listings into one interface, which is obviously user friendly. As part of the launch, Uniswap will airdrop 5 million USDC to past users of Genie. 

Integration across platforms and marketplaces

Until now, it was only possible on Uniswap to trade ERC-20 tokens, the "normal" fungible tokens on Ethereum. The move into NFT land shows that Uniswap believes in the NFT market and wants to claim a stake in this competitive domain. 

From the other end of the spectrum, the original NFT marketplaces are performing comparable acts of integration: they support more and more blockchains. For example, yesterday came the news that OpenSea supports Binance Chain. This means that from a user perspective, the walled gardens between fungible and non-fungible tokens will increasingly vanish. And why not, indeed? As users and buyers, we don't want to be bothered by the software specific technicalities of these tokens.  

Another related development in NFT land is that big brands have started launching NFT marketplaces of their own, building mostly on Ethereum, Polygon and Flow. That's why one can claim that, even though prices are depressed, we are in a bullish NFT winter.

What is Uniswap?

Uniswap is a decentralized exchange (DEX), which means it allows users to trade directly, wallet to wallet, with other crypto owners. There is no middleman. It is the biggest dex, which even in the current bearmarket has a daily transaction volume of around one billion dollars. That is comparable to a centralized exchange like Coinbase.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
Hacker of Tornado Cash proposes to undo attack

May 22, 2023

On Saturday, Tornado Cash's DAO was taken over by an attacker, or group of attackers. It's another backlash for the plagued coin mixer which makes privacy for Ethereum holders possible. In an interesting turn of events, a day later the attacker proposed to undo his attack. Never a boring day in crypto!

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App Store
Google Play Store
  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
© 2023 LiteBit - All rights reserved