Uniswap NFT seeks to outsmart the competition by enabling traders to purchase NFTs using any Ethereum-based cryptocurrency.
Typically, NFT markets limit which cryptocurrencies may be used to acquire assets; however, Uniswap’s NFT marketplace has recently unveiled a new feature that eliminates these restrictions.
Uniswap NFT traders may now utilize any Ethereum-based token, such as stablecoins like USDC or Tether or even meme coins like Shiba Inu, to acquire their NFTs through a simple interface.
Crypto firm Uniswap claims that their new Universal Router contract “finds the most cost-efficient way” to convert any Ethereum-based token into the token needed for NFT sales (often Ethereum), and then sends the necessary cryptocurrency to OpenSea’s Seaport protocol to be settled.
Under the hood, Uniswap simplifies the NFT purchase procedure for people who may need to exchange one cryptocurrency for another before acquiring an NFT.
The company also said that it intends to enable various cryptocurrencies for a single NFT sale in the near future. If an NFT costs 1 ETH, a trader may purchase it with a mix of USDC and Tether, or DAI and SHIB, or Uniswap’s native token UNI and Chainlink, for example.
The new feature is intended for current Uniswap traders who exchange large quantities of tokens on the site. It might also assist users who are juggling liquidity lock-in sales quicker without having to physically switch tokens beforehand. And for those worried about the tax ramifications of NFT trading, one less transaction prior to an NFT buy implies one less taxable event.
Since Uniswap bought NFT aggregator Genie last year and introduced its NFT marketplace functionality on its platform in November, less than 10,000 transactions and around $7.6 million in total volume had been executed. According to a dashboard created by Dune Analytics Data Scientist MarcoV, it has around 16,600 suppliers and 5,400 buyers.
Despite the fact that a Dune Analytics dashboard estimates that Uniswap’s larger DeFi platform has close to 4.8 million total users, the company has not yet succeeded in convincing its existing customer base to switch to the NFT offering.
The most recent enhancements to Uniswap’s NFT platform may enhance the user experience, but it is uncertain if they will be sufficient to divert traffic away from competitors like Paradigm-backed Blur, which provides token incentives and airdrops for high-volume traders.
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