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This Is How Uniswap (UNI) Plans To Conquer NFT Market

Sun, 07/24/2022 - 15:24
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Gamza Khanzadaev
DeFi giant expands further into most hyped sector of crypto market
This Is How Uniswap (UNI) Plans To Conquer NFT Market
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One of DeFi's key players, Uniswap (UNI), continues to make its way into the NFT sector, integrating the decentralized NFT exchange sudoswap to provide efficient NFT swaps for users.

We'll be launching NFTs on Uniswap with full @sudoswap support. Pool data flowing inπŸ‘‡

β€” Scott πŸ¦„ (@Scott_eth) July 22, 2022

The final NFT trading solution on Uniswap is supposed to arrive by fall, but work on it is already underway as can be seen in the post above from Uniswap's head of NFT projects.

This move is a logical follow-up to the June purchase of the NFT market aggregation platform Genie. While that deal gave Uniswap users access to NFTs from multiple trading venues in one place, the sudoswap integration will allow users to buy or sell NFTs in a decentralized way directly from Uniswap as well as create their own NFT liquidity pools. In addition, the platform is optimized for gas and only charges a 0.5% commission, which is five times lower than the main competitor, OpenSea.

Uniswap continues to expand in crypto space

The sudoswap integration greatly reflects Uniswap's ambitions. First, the largest Ethereum-based DEX took half of the trading turnover from Coinbase, and now it seriously decided to take over the part of the market where such well-known NFT marketplaces as OpenSea and LooksRare rule.

The Uniswap team itself also speaks favorably of the most hyped and probably the most catchy segment of the crypto market, describing NFT tokens as a full-fledged form of value in a thriving digital economy.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.