While crypto markets and NFT markets have seen a strong downturn lately, companies are looking to acquire deals and mergers. Recently, the popular decentralized crypto exchange Uniswap has acquired NFT marketplace aggregator Genie.
Uniswap has raised millions in funding lately from firms such as Andreessen Horowitz and Paradigm. Through this, they are able to build their decentralized crypto exchange. Now the crypto exchange is looking to increase its reach in various segments of the crypto world with this acquisition.
However, Uniswap hasn’t disclosed the sum for which they are acquiring NFT marketplace aggregator Genie.
With this acquisition, users can swap NFTs on the platform along with various tokens. Moreover, Genie gives users the library of NFTs available across marketplaces and makes it so that they can see and trade NFTs across most of these platforms.
The team of Uniswap also stated that they building a Uniswap NFT vertical into their platform. They expect this to launch this fall.
Basically, Uniswap is betting on the diversification of NFT marketplaces over time. As of now, OpenSea has a commanding lead over the total NFT sales division. However, competitors like LooksRare and Magic Eden are chipping away parts of their market share.
However, there are some big crypto exchanges such as Coinbase that think OpenSea will still command a strong lead. Due to this, the crypto exchange cancelled its plans of launching its own NFT marketplace.
However, the timing of this acquisition still seems off. This is majorly due to the fact that NFT sales are dropping day by day. In fact, the USD volume of NFT purchases dropped by more than 66% according to DappRadar.