When Uniswap debuted its new NFT marketplace aggregator on Wednesday, it also shut down Genie, the NFT marketplace aggregator it acquired in June. “The genie is back in the bottle,” joked Scott Gray, founder of Genie who became head of Uniswap’s NFT. But Uniswap’s NFT marketplace isn’t just Genie with a new magenta branding, Gray insists. In an interview with The Defiant, Gray mentioned the difference between the two aggregators, Uniswap’s acquisition of Genie, the NFT royalty debate, and why certain markets aren’t featured on the new platform. Additionally, Gray approached Uniswap Labs’ newly created venture fund for an investment that would help scale the company. Meanwhile, Teo Leibowitz, head of Uniswap Labs Ventures, responded with an acquisition. “I actually didn’t think about it too much because we were so intent on raising money,” he said. “And so we called Hayden [Adams, fundador da Uniswap], and I think that’s where it all came together.” Adams pitched a vision in which they created a platform that would serve as “the marketplace for all digital assets,” Gray said.
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DeFi Bridge and NFTs
In a apparition on Rug Radio on Wednesday, Adams said the move would bring two relatively isolated communities under one roof. “Only 20% of people who have purchased an NFT in the past have used a DEX. Part of it is just bringing the user bases closer together,” said Hayden Adams. The Genie team “completely went back to the drawing board after the acquisition,” Gray said, focusing on reducing the cost of trading NFTs, listing more NFTs and decentralizing the protocol. Upon its launch on Wednesday, Uniswap reported transaction fees that were 15% lower than competing aggregators. At the same time, it announced listings drawn from eight different markets. Uniswap has also published the code behind the UI and the smart contract that runs the marketplace itself.
open code
“Anyone can contribute; anyone can fork [e] compete with us on the interface and the smart contract,” Gray said. “We are the first major NFT marketplace that has an open source frontend.” Uniswap enters a crowded market that includes several newcomers, including SudoSwap, for example, a new NFT marketplace launched earlier this year. Among SudoSwap’s innovations is sudoAMM, which allows users to deposit ETH and a combination of NFTs from a single collection, along a specific price range, called the bond curve. They can earn trading fees as other users exchange NFTs for ETH or vice versa. The model further allows users to deploy a pool that will programmatically buy or sell an NFT at a given price, similar to limit orders. Furthermore, users also have the option to immediately sell NFTs in a pool at a quoted price, rather than accepting an offer as with OpenSea.
No plans for NFT AMM
Despite Uniswap’s position as the leading automated market maker in decentralized finance, there are no plans for Uniswap’s NFT marketplace to implement a sudoAMM-style feature, according to Gray. He and SudoSwap’s mononymous founder Owen are friends, and the innovations SudoSwap brought to the NFT market are, in part, what inspired him to create Genie, he said. “He really kicked ass with SudoSwap, and Uniswap as an aggregator is supporting innovation and ensuring that those innovations and market efficiencies are brought to the surface and discoverable,” said Gray. “We now believe that SudoSwap has a really good solution and there is no way to really innovate. We don’t want to compete just to compete.” In addition to SudoSwap, Uniswap pulls listings from OpenSea, X2Y2, LooksRare, Larva Labs, Foundation, NFT20, and NFTX. One notable omission is Blur, the Paradigm-backed marketplace that launched in October , and which quickly became the second most popular marketplace by transaction volume. The reason is simple, according to Gray.
blur integration
“We were really looking forward to integrating Blur, but they don’t have a public-facing API yet,” he said. “As soon as they hand that over to us, we will integrate them as soon as possible.” Part of Blur’s popularity comes from its fees – or lack thereof. Blur does not charge transaction fees and allows merchants to buy and sell without applying artist requested royalties. Trading on Blur is, for all intents and purposes, free, which has allowed it to capture market share. After all, other platforms have made the decision to impose fees on creators. Markets that have made payments optional this year have faced intense resistance from artists who say they would never have been interested in NFTs if it weren’t for the promise that they could earn recurring revenue from secondary sales of their work.
Royalty Agnostic
As an aggregator, Uniswap’s NFT marketplace will be agnostic on the matter, Gray said. “We don’t decide creator royalties; we take the properties from the market [de origem] — so we use whatever policies they have,” he said. “Users should be able to vote with their dollars, with their support, which principles they most align with.” Future plans include placing and accepting offers in all integrated markets simultaneously, according to Gray. “We’re trying to address capital inefficiency in the market, and for NFTs, there’s a lot of that,” he said. “People mention that NFTs are not a liquid market. Well, it’s because it’s too soon and no one has done the hard work of building all this infrastructure.” Uniswap Aims To Become Marketplace For ‘All Digital Assets’: NFT Chief With The Defiant Authorization
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