Uniswap Is Supporting NFT Trading

On Wednesday, the decentralized exchange platform, Uniswap, announced its plans to support non-fungible token trading.

Users will be able to trade their digital assets on OpenSea, Larva Labs, LooksRare, NFT20, X2Y2, NFTX, Sudoswap, and Foundation NFT marketplaces by using Uniswap’s tool. Furthermore, users will be able to use the marketplace aggregator’s new contract. The newly open-sourced Universal Router contract will allow interested parties to save up to 15% on gas fees.

Comparison of the Average Floor Place of the Top 100 NFT Collections on a Leading NFT Marketplace and Uniswap, Source: Uniswap

According to the NFT marketplace aggregator, non-fungible and ERC-20 tokens have been separated in the crypto space, even though both are crucial to expanding the industry. By supporting NFTs, the marketplace aggregator is making its first move in developing “more interoperable experiences” between NFTs and ERC-20 tokens. 

The first 22,000 unique users to buy NFTs on Uniswap will be eligible for gas rebates worth 0.01 ETH. This means if a Uniswap user spends 0.01 Ether or less as gas fees, they are fully covered. If they spend more in a transaction, they will be given a 0.01 ETH rebate.

According to Uniswap, the NFT marketplace aggregator will continue to be open-sourced, trustless, and self-custodial, staying true to our values of decentralization. With this new update, Uniswap users will enjoy improved prices, quicker indexing, more secure smart contracts, and efficient implementation.

Following the decision to support NFTs, Uniswap will also be launching a $5 million NFT airdrop which will be accessible by historical users of marketplace aggregator Genie

The aggregator was acquired by Uniswap in June and now, its users will be airdropped if eligible. The NFT airdrop will credit wallets with $300 for completing more than one transaction. 

The second group of eligible users will receive $1000 for owning a Genie: Genesis NFT before a shot Uniswap took on the 15th of April at 00:00 UTC. These users can collect their airdrop in USDC over the next year. Regardless of the number of Genesis tokens available in a wallet, it will only be counted once. Users that also bought this token between 5:59 pm and 9:15 pm UTC on June 21st.

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