THE PAST WEEKS FOR CRYPTO AND NFT MIGHT BE DARK BUT THERE IS LIGHT SOON TO COME
The past few weeks have been a dark time for NFT fans and players in the cryptocurrency industry, but for beginners and executives caught up in the future of crypto, it has been an opportunity to double down.
This week, Uniswap announced it had purchased a new one, buying NFT market aggregator Genie for an undisclosed amount. The acquisition was made by Uniswap - a startup - which raised millions with funding from firms such as Andreessen Horowitz and Paradigm to help build Uniswap - a trading law.Uniswap
Users know Uniswap as a separate way to exchange various tokens; this new discovery will bring unmistakable tokens to the mix. Genie provides users with an NFT library available in all markets and enables them to see and trade NFTs in all of these platforms. The Uniswap team says it will use the product to build the Uniswap NFT straightforward on its platform, which will launch this fall.
A company bet on NFT mergers is a bet on dividing NFT markets over time. At the moment, most of the NFT volume is happening in OpenSea although some competitors like LooksRare and Magic Eden are showing signs of declining in their share of market share. Coinbase appeared to fail the early release of the NFT marketplace, suggesting that OpenSea could be the largest market leader to dismiss.
The stock market comes as the future of NFT trading volumes has been questioned as the broader crypto market declines. Although wholesale prices over the past month have only decreased slightly, the USD NFT purchasing rate has risen more than 66% according to DappRadar.