The central theses
- Uniswap is working on the integration to offer “full Sudoswap support,” the protocol’s head of NFT products tweeted today.
- The news follows Uniswap’s announcement that it would offer its users an NFT market aggregation product sometime in the fall.
- Sudoswap is a decentralized NFT trading platform; The integration shows that Uniswap does not plan to limit its services to traditional marketplaces like OpenSea or LooksRare.
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Uniswap is in the process of integrating Sudoswap, a decentralized NFT exchange, indicating that the leading crypto DEX’s NFT plans are in full swing.
Centralized and decentralized NFT marketplaces alike
Uniswap’s NFT plans are taking shape.
Today Scott Lewis, head of Uniswap’s NFT products, Posted a tweet stating that Uniswap will launch NFTs “with full Sudoswap support”. An image attached to the post showed that the Sudoswap integration was already underway, with “pool data already flowing in”.
Uniswap is the world’s largest decentralized exchange (DEX); It allows users to trade cryptocurrencies without permission. Data from DeFi calls show that the protocol currently has more than $6 billion worth locked in its liquidity pools across Ethereum, Polygon, Arbitrum, Optimism and Celo.
The protocol announced in June that it had acquired Genie, a market aggregation platform for NFTs. Instead of hosting NFTs on its own platform, Uniswap plans to give users the ability to access NFTs from multiple marketplaces from one place. The Uniswap team said expanding its product offering to include NFTs was a “no-brainer,” calling them a “form of value in the growing digital economy.”
Sudoswap is an NFT DEX; it let us Users buy or sell NFTs in a decentralized way, allowing them to create their own NFT liquidity pools. In addition, the platform is optimized for gas and charges only 0.5% in fees, which is five times lower than OpenSea’s 2.5% fee rate.
Today’s disclosure from Lewis shows that Uniswap’s NFT integration plans are well underway. It also shows that the protocol will not be limited to traditional, centralized marketplaces like OpenSea or LooksRare, but will also add NFT DEXs and more experimental products. The team has predicted that NFT trading will be enabled on the site sometime in the fall.
Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.
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