Uniswap reportedly looks into NFT financialization, talks about multiple lending protocols

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Uniswap reportedly looks into NFT financialization, talks about multiple lending protocols

Cryptocurrency Exchange Uniswap Aims NFT Financialization By Introducing Multiple NFT Activities And Ongoing Discussions With Seven Lending Protocols

By Shashank Bhardwaj


Image: Shutterstock

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

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

Uniswap is moving towards expanding its NFT services and NFT market through its decentralized exchange. The acquisition of Genie, an NFT marketplace, was completed to allow Uniswap users to easily trade digital assets across various platforms. Uniswap has many users representing around $ 6 billion in cash 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 to the platform as people show interest in owning digital assets. This is not the first time that Uniswap has attempted to enter the market and the NFT services space. In 2019 they launched Unisocks, which provided the first interpretations 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 by the day. Hence, Uniswap’s decision to integrate seven lending protocols is a big step towards improving their DeFi space. At the current pace of exchanges entering the NFT space, a battle of the NFT platform could occur. Uniswap aims to gain an advantage in such a battle and provide NFT services to users as soon as possible.

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


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