Uniswap Will Allow NFTs to be Purchased for "Any" Token Based on the Ethereum Blockchain
Users will be able to purchase all NFTs on the Uniswap exchange for any token based on the Ethereum network. With this move, Uniswap aims to gain a share in the NFT market, which has been dominated by OpenSea and, until recently, Blur.
This is great news for NFT traders, as buying NFTs on various marketplaces comes with many restrictions, some of which are very specific, especially in terms of the type of token that is required for a trader to complete a transaction.
This new feature from Uniswap allows users to use any token that is supported by the Ethereum network to purchase NFTs, using a simple interface. This means that users can purchase NFTs for stablecoins such as USDC and USDT, but also for meme coins such as Shiba Inu.
According to the company, sales and purchases will take place through a Universal Router, which will find a contract and the "cheapest way" to exchange any Ethereum-based token for the token required to complete the desired NFT sale. This crypto wallet will then be moved to OpenSea's Seaport protocol, on which the transaction will be completed.
This is a great simplification for buyers, as it was sometimes necessary to exchange one cryptocurrency for another before the transaction could be completed. The company also plans to introduce the ability to purchase NFTs for multiple cryptocurrencies at once. This would mean that if, for example, an NFT is worth 10 ETH, the buyer could use a mix of tokens to get the required amount together.
With this move, Uniswap wants to increase NFT trading on its marketplace.
Uniswap hopes to kickstart its NFT marketplace with this new feature. The ability to trade NFTs on the exchange was launched in November last year, but less than 10 000 transactions have been made since then, equating to a trading volume of approximately 7.6 million USD.
According to data from Dune Analytics, there are a total of 16 600 sellers and 5 400 buyers operating on the NFT platform. These are very small numbers, considering that the platform boasts more than 4.8 million users in total. It is clear that Uniswap has not yet succeeded in transferring popularity from its core offering to its NFT marketplace, but the newly introduced shopping option could attract new users and revive the platform.
Source: nftplazas.com
analyst opinion
Kuba Lohnický
This is great news for NFT traders, as buying NFTs on various marketplaces comes with many restrictions, some of which are very specific, especially in terms of the type of token that is required for a trader to complete a transaction.
This new feature from Uniswap allows users to use any token that is supported by the Ethereum network to purchase NFTs, using a simple interface. This means that users can purchase NFTs for stablecoins such as USDC and USDT, but also for meme coins such as Shiba Inu.
According to the company, sales and purchases will take place through a Universal Router, which will find a contract and the "cheapest way" to exchange any Ethereum-based token for the token required to complete the desired NFT sale. This crypto wallet will then be moved to OpenSea's Seaport protocol, on which the transaction will be completed.
This is a great simplification for buyers, as it was sometimes necessary to exchange one cryptocurrency for another before the transaction could be completed. The company also plans to introduce the ability to purchase NFTs for multiple cryptocurrencies at once. This would mean that if, for example, an NFT is worth 10 ETH, the buyer could use a mix of tokens to get the required amount together.
With this move, Uniswap wants to increase NFT trading on its marketplace.
Uniswap hopes to kickstart its NFT marketplace with this new feature. The ability to trade NFTs on the exchange was launched in November last year, but less than 10 000 transactions have been made since then, equating to a trading volume of approximately 7.6 million USD.
According to data from Dune Analytics, there are a total of 16 600 sellers and 5 400 buyers operating on the NFT platform. These are very small numbers, considering that the platform boasts more than 4.8 million users in total. It is clear that Uniswap has not yet succeeded in transferring popularity from its core offering to its NFT marketplace, but the newly introduced shopping option could attract new users and revive the platform.
Source: nftplazas.com
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