According to a post on social media by Uniswap‘s head of NFT product Scott Lewis, numerous nonfungible token (NFT) lending protocols are in discussions with the cryptocurrency exchange Uniswap.
Lewis emphasizes the company’s need to address both liquidity problems and the “information asymmetry” around NFTs in the tweet.
Although NFT financialization is Uniswap’s goal for these discussions and prospective partnerships with lending standards, the Twitter community responded in two ways. The decision was seen by several users as a step towards securing the future of decentralized finance, or DeFi:
Other users questioned the motives behind Uniswap’s interest in NFT financialization and pointed toward taking advantage of liquidation profits.
One of the biggest decentralized exchanges (DEX) in the world, Uniswap is in charge of roughly $6 billion in assets in its liquidity pools.
Users may search and trade digital assets across most platforms thanks to the company’s acquisition of Genie, an NFT marketplace aggregation platform, which was announced in June.
Lewis tweeted shortly after that Uniswap intended to launch NFTs with complete Sudoswap capability. Sudosawp enables anonymous communication in relation to NFT sales and the establishment of NFT liquidity pools.
The company has previously entered the NFT market, having introduced the first NFT liquidity pool in 2019 with the introduction of Unisocks. But as these digital assets gain more popularity and utility both inside and beyond the DeFi sphere, this most recent drive for NFT activity makes sense.
Industries are using these tokenized digital assets for everything from collectibles and music rights monetization to real estate contracts and digital fashion.
Similar platforms are forging ahead apace into the uncharted territory of NFTs, including OpenSea, MagicEden, and even eBay. In fact, the Q2 industry analysis from DappRadar hinted that a platform war for NFTs would be coming soon.
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