Why Uniswap (UNI) Is Up 5% Today – The Motley Fool

Why Uniswap (UNI) Is Up 5% Today – The Motley Fool

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Uniswap is in the green following NYC NFT.


Key points

  • Uniswap acquires Genie in an effort to promote more NFT usage across its platforms. 
  • Coming off of NYC NFT, the coin is up 5%.
  • Those gains might be related to Uniswap acquiring Genie.

Uniswap is seeing a sea of green coming off of non-fungible token event NYC NFT. Founded in 2018, Uniswap is a relatively new cryptocurrency exchange and decentralized protocol. The protocol specializes in smart contract transactions of tokens on the Ethereum blockchain. 

Uniswap has acquired Genie for NFTs

Part of the reason for Uniswap’s recent gains could be its acquisition of Genie, an NFT marketplace aggregator that allows NFTs to be traded across several platforms. Although this isn’t Uniswap’s first venture into NFTs, acquiring Genie does signify a leveling up of the company’s capacity to offer NFT trading across a larger scope of platforms. “We see NFTs as another format for value in the growing digital economy — not a separate ecosystem from ERC20s,” the company said in a blog post on its website. “And they’re already an important gateway to web3.” In addition, Uniswap plans to offer a USDC airdrop to historical Genie users in August of this year. 

Uniswap found a strategic time to expand its portfolio to include ERC-20 tokens as well as NFTs. Just last week, much of the crypto-verse had its eyes on NYC NFT, a massive three-day conference held in Times Square where people from all walks of DeFi life gathered to connect, learn, and know what’s next in NFTs. Uniswap announced on its site that it is “excited to bring what we’ve learned building DeFi products to NFTs, giving even more people access to digital ownership and value.” 

The company used the NFT event as a platform to promote these new product features and signed off with a simple, “what a week. See you next year nyc nft,” via Twitter. 

Uniswap’s price increase

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On June 26, Uniswap saw a high of $6, about 5% up from the day before. While it seems positive for the token, it is still experiencing only small ups and downs while moving through the crypto winter. While the coin is seeing some gains, it’s still a far cry from its all-time high of $44.97 in May 2021, and even its 2022 high of $19.30, according to CoinMarketCap data. However, if it continues to make strategic acquisitions there may be more good news ahead for the company, and only time will tell.

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