Uniswap acquires NFT marketplace aggregator Genie, should you get UNI?

By: Milko Trajcevski
Milko Trajcevski
Milko is a Financial Analyst covering the cryptocurrency markets. He started his career trading fiat currencies before immersing himself… read more.
on Jun 22, 2022
  • Uniswap acquired the NFT marketplace known as Genie on June 21, 2022.
  • Uniswap’s trading volume increased by 61% in the last 24 hours.
  • This acquisition could lead to an increased utility and value for the UNI cryptocurrency.

Uniswap UNI/USD is a decentralized cryptocurrency exchange (DEX) that specializes in providing peer-to-peer (P2P) market trading.

The UNI cryptocurrency is an Ethereum ETH/USD token that powers Uniswap. 

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Within Uniswap, there is no order book or central facilitators, and tokens get exchanged through liquidity pools defined by smart contracts. 

The Genie NFT marketplace acquisition as a catalyst for growth

Uniswap made an official announcement that they have acquired the NFT marketplace aggregator known as Genie.

They also said that this move was a part of its mission to unlock universal ownership and exchange throughout its platform.

Through this, it is clear that Uniswap is integrating non-fungible tokens (NFTs) into its product line, starting with the Uniswap web application and later integrations will also include developed APIs and widgets as-well.

However, this is not the first time Uniswap has worked with NFTs.

In 2019, they launched the first instance of NFT liquidity pools which were known as Unisocks.

Genie has a reputation for being the first NFT marketplace aggregator that provides ways through which users can discover, buy and sell NFTs across a variety of different marketplaces. 

Due to this increased utility and addition to the overall ecosystem, UNI’s utility and value could potentially increase.

Should you buy Uniswap (UNI)?

On June 22, 2022, Uniswap (UNI) had a value of $4.626.

We will be going over the cryptocurrency’s all-time high point of value, as well as its performance throughout the previous month.

Looking at its all-time high, on May 3, 2021, Uniswap (UNI) had a value of $44.92.

When we go over May’s performance, Uniswap (UNI) had its highest point of value on May 5 at $8.0409, while the lowest point of value for the cryptocurrency was on May 12 at $4.1263.

This marked a decrease in value of $3.9146 or 48%.

However, with the recent acquisition of the NFT marketplace aggregator Genie, we can expect UNI to reach $7 by the end of July 2022, making it a solid cryptocurrency to buy.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.