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Uniswap, the largest decentralized exchange (DEX) in terms of trading volume, is apparently gearing up to become a more prominent player in the non-fungible token sector. According to the company’s head of NFT products Scott Lewis, Uniswap is “in talks” with 7 NFT lending protocols to solve for liquidity fragmentation in the space.
Key takeaways:
- Lewis’ announcement comes roughly a month after Uniswap announced the integration of Sudoswap, an NFT marketplace that allows investors to buy, sell and trade digital collectibles with no intermediary.
- In a tweet published on Tuesday, Uniswap’s NFT product lead wrote that the company would be working with each of the 7 lending protocols to “solve for liquidity fragmentation and information asymmetry.”
- A number of NFT trading lending protocols replied to the tweet – Banksea Finance, for instance, wrote they are “happy” about Uniswap taking on the role of an interface for NFT liquidity.
- Unsiwap’s first foray into the NFT space dates back to 2019, when the company launched Unisocks, the first iteration of NFT liquidity pools. Uniswap’s increased focus on NFTs comes at a time when more and more decentralized finance (DeFi) products and services utilize NFTs for various purposes.
- After an explosive 2021, digital collectibles trading volume plunged this year, especially in the second quarter. According to The Block Research, investors traded $12.22 billion wroth of NFTs in Q2 2022, down from $33.88 billion in Q1 2022.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.
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