Uniswap to Launch NFT Marketplace

November 30, 2022

Darko Simunovski

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In todays Twitter post, Uniswap decentralized exchange (DEX), announced that users can now trade nonfungible tokens (NFTs) on the native protocol. According by Uniswap, the function will initially feature NFT collections for sale on platforms including OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20 and others.

The price of UNI, the native Uniswap token, reacted with a modest but nevertheless upward move. In addition to over 5% increase during the day, the official announcement of the event boosted UNI’s price over 6% at one point reaching $5.82 per UNI.

Uniswap developers claim that users can save up to 15% on gas fee, compared to other NFT aggregators.

NFT unifies ERC20 and NFT swapping into a single swap router, integrated with Permit2, users can swap multiple tokens and NFTs in one swap while saving on gas fees. The NFT aggregator is powered by the Universal Router smart contract and optimized by UX smart contract Permit2.

“We originally conceived Permit2 and Universal Router to improve our own products, optimizing gas costs, simplifying user transaction flows, and strengthening security. As we ideated, we realized that other applications could greatly benefit from integrating these contracts.”

About Uniswap:

Uniswap is Decentralized Finance protocol, the first DEX AAM (Decentralized Exchange) build on Ethereum blockchain. Uniswap works using an Automated Market Maker (AMM) where Liquidity Providers (LP) deposit tokens into the smart contract and this liquidity then provides a price feeds to traders, without relying on any professional market makers. The liquidity providers are compensated with a 0.3% trading fee for providing liquidity on the protocol.

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