Users know Uniswap as a decentralized way to swap a wide variety of tokens; this new acquisition will bring non-fungible tokens into the mix. Genie gives users to the library of NFTs available across marketplaces and makes it so that they can see and trade NFTs across most of these platforms. Uniswap’s team say they will be using the product to build a Uniswap NFT vertical into their platform, which will launch this fall.
The company’s bet on NFT aggregation is a bet on the diversification of NFT marketplaces over time. At the moment, the vast majority of NFT volume takes place in OpenSea though some competitors like LooksRare and Magic Eden are showing signs of chipping away at parts of their market share. Coinbase has seemed to botch the early rollout of their own NFT marketplace, suggesting that OpenSea may be a pretty big market leader to unseat.