Major Crypto Exchange Plans to Develop ‘NFT Financialization’

• Uniswap is in discussions with 7 NFT lending firms, to establish NFT financialization.
• The platform has recently acquired the NFT marketplace aggregator, Genie.

The major cryptocurrency exchange platform, Uniswap is currently showing an interest in the NFT financialization. As per the recent tweet from Uniswap’s head of NFT product, Scott Lewis, the company is now in discussions with seven NFT lending platforms to establish NFT financialization.

Lewis expressed through the tweet that Uniswap is designed to address all liquidity and NFT information asymmetry issues. He additionally added that the move represents the company’s first step toward achieving NFT financialization and further actions will continue to grow into the NFT sector. 

However, following Uniswap’s reveal, some users questioned its motives and pointed out that the exchange is using this action to leverage liquidation gains.

Uniswap’s Obsession With NFTs

For the past three years, Uniswap has been largely exploring the NFT industry. In recent days, the platform has increased its engagements in the NFT sector. Uniswap is one of the biggest decentralized exchanges (DEX), with around $6 billion of assets in its liquidity pools.

Uniswap introduced the first rendition of NFT liquidity pools in 2019 with the introduction of Unisocks. In June, the company acquired the NFT marketplace aggregator, Genie. Following this, the firm has recently revealed its plans to incorporate Sudoswap, a new NFT trading platform that will let users buy and sell NFTs.

Moreover, along with Uniswap, more platforms are now climbing into the NFT sector. The firms such as OpenSea, eBay, MagicEden, and others are utilizing NFTs in impressive ways. The increased number of NFT adoption from various platforms will provide the users with a different trading space and easy access to NFTs.

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