Uniswap eyes NFT financialization, in talks with lending protocols
Crypto alternate Uniswap engaged in talks with a number of nonfungible token (NFT) lending protocols, in response to a social media submit 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.
uniswap is the interface for all nft liquidity.
we at the moment are in talks with 7 nft lending protocols. we can be working with every one to resolve for liquidity fragmentation and data asymmetry. this is step one to constructing nft financialization.
— Scott (@Scott_eth) August 23, 2022
Whereas Uniswap’s aim for these talks and potential collaborations with lending protocols is NFT financialization, the gang 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 often called DeFi:
@uniswap retains proving that #defi is right here to remain.
— structure_fi (@structure_fi) August 23, 2022
Different customers questioned the motives behind Uniswap’s curiosity in NFT financialization and pointed towards benefiting from liquidation income.
another motive to offer this function than revenue from liquidations? or be type to purchase the lenders nugatory asset at liq worth and baghold it when you try to dump on your self?
— PilotGFX (@PilotGFX) August 23, 2022
Over the previous couple of months, Uniswap has made huge steps towards together with NFT exercise in its service choices. Uniswap is among the world’s largest decentralized exchanges (DEXs), answerable 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 search out and commerce digital property throughout most platforms.
Shortly after, Lewis tweeted that Uniswap plans to introduce NFTs with full Sudoswap help. Sudosawp permits for nameless interactions round NFT gross sales and the creation of NFT liquidity swimming pools.
We’ll be launching NFTs on Uniswap with full @sudoswap help. Pool information flowing in pic.twitter.com/nsRt9Cp1Ss
— Scott (@Scott_eth) July 22, 2022
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 outdoors the DeFi house.
Industries are using these tokenized digital property for all the pieces 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 trade report even recommended an NFT platform battle might be sooner or later.
