Uniswap eyes NFT financialization, in talks with lending protocols

Crypto trade Uniswap engaged in talks with a number of nonfungible token (NFT) lending protocols, in line with a social media publish from Uniswap’s head of NFT product Scott Lewis.

Within the tweet, Lewis highlights the corporate’s curiosity in tackling each liquidity points and the “info asymmetry” surrounding NFTs.

Whereas Uniswap’s objective for these talks and potential collaborations with lending protocols is NFT financialization, the group on Twitter got here again with a double-sided response. Some customers deemed the choice as a step towards solidifying the way forward for decentralized finance, merely referred to as DeFi:

Different customers questioned the motives behind Uniswap’s curiosity in NFT financialization and pointed towards profiting from liquidation earnings.

Over the previous couple of months, Uniswap has made huge steps towards together with NFT exercise in its service choices. Uniswap is likely one of the world’s largest decentralized exchanges (DEXs), liable for practically $6 billion in property in its liquidity swimming pools.

In June, the corporate launched its acquisition of Genie, an NFT market aggregation platform, permitting customers to seek out and commerce digital property throughout most platforms.

Shortly after, Lewis tweeted that Uniswap plans to introduce NFTs with full Sudoswap assist. Sudosawp permits for nameless interactions round NFT gross sales and the creation of NFT liquidity swimming pools.

This isn’t the corporate’s first entrance into the NFT house, as in 2019, they launched Unisocks, which was the primary rendition of NFT liquidity swimming pools. Nevertheless, this newest push for NFT exercise comes as these digital property achieve extra traction and utility inside and out of doors the DeFi house. 

Industries are using these tokenized digital property for every thing from actual property contracts and digital style to collectibles and music rights monetization.

Comparable platforms like OpenSea, MagicEden and even eBay are going full pace into the Wild West of NFTs. DappRadar’s Q2 business report even prompt an NFT platform battle may very well be sooner or later.

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