Uniswap Reportedly Examines NFT Financialization, Talks Multiple Lending Protocols

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Uniswap Reportedly Examines NFT Financialization, Talks Multiple Lending Protocols

Crypto exchange Uniswap targets NFT financialization by introducing multiple NFT activities and ongoing discussions with seven lending protocols

By Shashank Bhardwaj


Image: Shutterstock

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Crypto exchange Uniswap’s NFT product manager announces the company’s interest in expanding its NFT marketplace and service offerings by bringing it to Twitter. Gray Scott tweeted to inform users that the company is in talks with seven loan protocols to resolve issues regarding NFT services at the decentralized exchange. Uniswap users have faced issues of liquidity fragmentation and information asymmetry, which is the first step towards NFT financialization for the exchange.

Uniswap users on Twitter have been split into two factions after the company’s clear plans. A faction of users hailed the steps and said landing on NFT protocols would be a big step towards improving the services offered by decentralized finance. Another user segment is still unhappy with liquidity fragmentation issues on the exchange. One of the users replied to Scott’s tweet saying, “Any other motive for providing this feature other than profit from liquidations? Or be nice to buy worthless asset from lenders at Liq price. and keep it while you try to pounce on yourself?” These users are concerned about Uniswap’s motive to take advantage of liquidation profits.

Uniswap is moving towards expanding its NFT services and the NFT market through its decentralized exchange. The acquisition of Genie, an NFT marketplace, has been completed to allow Uniswap users to easily trade digital assets through various platforms. Uniswap has a lot of users which represent approximately $6 billion in liquidity pools. Therefore, the company had also announced the integration of NFT services on the decentralized exchange with the support of Sudoswap. Sudoswap will be able to provide anonymous interactions and the creation of NFT liquidity pools.

Like Uniswap, several decentralized exchanges are pushing to bring NFT services onto the platform as people show interest in owning digital assets. This is not the first time that Uniswap has attempted to enter the NFT services market and space. In 2019, they launched Unisocks, which provided early renditions of Uniswap’s NFT liquidity pool, but failed to garner much attention. Currently, digital assets have gained popularity and the traction for DeFi is increasing day by day. So, Uniswap’s decision to integrate seven lending protocols is a big step towards improving its own DeFi space. At the current rate of exchanges entering the NFT space, an NFT platform battle could occur. Uniswap aims to gain an edge in such a battle and provide NFT services to users at the earliest.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash


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Uniswap Reportedly Examines NFT Financialization, Talks Multiple Lending Protocols


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