Uniswap Traders Can Now Buy NFTs with UNI, SHIB, or Any Ethereum Token

Jay Crypto

Blogger

NFT marketplaces usually limit which cryptocurrencies that can be used to buy assets, but Uniswap's NFT marketplace just introduced a new feature that removes those limitations.

Uniswap's NFT traders can now buy NFTs using any digital token on the Ethereum blockchain, including stablecoins like USDC or Tether and meme coins like Shiba Inu. The purchasing process is made simpler with a user-friendly interface.

News in detail regarding Uniswap Traders

Uniswap NFT is trying to out-engineer its competitors by allowing traders to buy NFTs using any Ethereum-based token. The cryptocurrency start-up claims that the new Universal Router contract from Uniswap "finds the most cost-efficient route" to carry out a swap from any Ethereum-based token into the necessary token for the NFT sales (typically Ethereum) and then sends that cryptocurrency to OpenSea's Seaport protocol to complete the transaction. Behind the scenes, Uniswap is making it much easier for people who need to exchange one cryptocurrency for another before purchasing an NFT. This simplifies the NFT buying process significantly. For example, if an NFT costs 1 ETH, a trader could purchase it with a combination of USDC and Tether, DAI and SHIB, or Uniswap's native token UNI and Chainlink. The company also stated that it plans to support combined sums of multiple different cryptocurrencies for a single NFT sale shortly.

What does this mean for traders using NFT?

The new tool is intended for current Uniswap traders who exchange a large number of tokens on the platform regularly. Additionally, it might make it easier for users who are juggling liquidity to quickly lock in the sales they want without having to manually swap the tokens first. One less transaction before making an NFT purchase also means one less taxable event, which is good news for those worried about the tax impacts of NFT trading. Less than 10,000 total transactions and about $7.6 million in total volume traded have occurred since Uniswap acquired NFT aggregator Genie last year and launched its NFT marketplace feature on its platform in November. According to a dashboard created by Dune Analytics Data Scientist MarcoV, there are approximately 16,600 total sellers and 5,400 total buyers.

According to a Dune Analytics dashboard, Uniswap's DeFi platform as a whole has almost 4.8 million users in total, so it hasn't exactly been able to convert all of its legacy customers to its new NFT product yet.

Conclusion

It's uncertain whether the most recent improvements to Uniswap's NFT platform will be sufficient to draw users away from rivals like the Paradigm-backed Blur, which rewards high-volume traders with token incentives and airdrops. Currently, Blur activity accounts for 80.6% of the volume of NFT market activity over the previous week, while OpenSea accounts for 14.5%. On the graphs, Uniswap's NFT platform is still a tiny dot. According to a Dune Analytics dashboard, it currently does not even rank among the top 10 NFT marketplaces in terms of the number of total traders. Uniswap claims that NFTs draw new users to crypto and self-custody. That is still the case, so as part of our effort to develop durable products, we launched an NFT aggregator with no fees.[Is some of this a quotation?]