DeFi platform Uniswap has launched an NFT marketplace and aggregator to offer users the best deals on digital collectibles. As part of a promotional campaign, Uniswap will airdrop $5 million USDC to eligible users of Genie – an NFT aggregator the company purchased in June.
Uniswap, one of the largest DeFi (decentralized finance) protocols by the total value of tokens locked, has announced the launch of an NFT marketplace and price aggregator to help users buy, sell and trade digital collectibles from various platforms on its native blockchain.
“NFTs and ERC-20 tokens have largely existed as two separate ecosystems within crypto, but both are essential to growing the digital economy. Launching NFTs on Uniswap is our first step in building more interoperable experiences between the two,” read the company statement.
Uniswap’s marketplace launched five months after it acquired non-fungible tokens marketplace aggregator ‘Genie’. While marketplaces like OpenSea, LooksRare. Magic Eden or X2Y2 allow users to purchase NFTs, none of the platforms offer users the ability to buy more than one item in a single transaction. With Genie, users can purchase multiple NFTs by comparing prices on rival marketplaces and also list the item for the best sales price using its aggregation tool.
Genie will deploy its aggregator on the Uniswap website to help customers bargain best prices for their preferred NFTs before purchasing. At launch, Uniswap will support NFTs listed on OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, Foundation, NFT20, and NFTX. The company has plans to add more marketplaces in the future once it can obtain API (Application Programming Interface) keys from the platforms, as most NFT protocols store their data off-chain for security reasons. Genie claims that its NFT aggregator can offer 15% less gas fees compared to similar tools currently available in the market. Uniswap says the tool powered by the company’s revamped open-source ‘Universal Router’ smart contract can save “tens of thousands of gas units” over other marketplaces.
As part of the launch, select early Genie users will be eligible to receive 5 million USDC ($5 million) from Uniswap via an airdrop. Wallets that made more than one transaction on Genie before April 15, 2022 will receive $300 each, while wallets that held Genie Genesis NFTs or Genie Gem NFTs before June 21, 2022 are eligible to receive $1,000 each. Users can connect their wallets on the Uniswap website to claim free rewards any time in the next 12 months.
Uniswap is also offering a gas rebate program for buyers in a promotional period between December 1 and 14, 2022. The first 22,000 wallets to purchase an NFT during this period will be eligible for a rebate on their first transaction. Users wallets that spend 0.01 ETH or less on gas fees will have their transaction covered, while users that spent more than 0.01 ETH will receive the same amount as rebate on their transaction. The DeFi company explained that users who made partial transactions where they bought some NFTs but not all in a single transaction are eligible for rebate, but failed transactions that cost 0.01 ETH in gas will not be covered.
Uniswap also clarified its position on royalties which has been a hot topic of discussion in the industry, stating that its marketplace will not enforce creator incentives. The company says that as a marketplace aggregator it is in no position to set or enforce royalties. But, the aggregator tool will allow users to filter out marketplaces based on whether they want or not want to pay incentives to NFT artists.
The open-source aggregator that allows anyone to contribute suggestions for improvement of its interface and protocol via UniSwap’s community DAO (Decentralized Autonomous Organization) will only feature Ethereum-based NFTs at launch.
At the time of writing, the protocol’s native token UNI, is trading at $5.75, going down by 1.3% in the last 24-hours. Uniswap with roughly $3.48 billion in tokens locked on its DeFi protocol, has a total market cap of $4.3 billion.