Uniswap, the popular decentralized crypto exchange, recently announced that it’s integrating the new non-fungible token (NFT) marketplace Sudoswap onto its marketplace, allowing users to buy, sell, and trade NFTs efficiently.
The news was Tweeted by Scott Gray, the head of NFT products at Uniswap Labs, who said Uniswap will offer NFTs with full Sudoswap compatibility.
Uniswap is one of the biggest decentralized exchanges (DEX) in the world and enables users to trade cryptocurrencies without authorization. The platform holds $6 billion worth of assets distributed in liquidity pools across Polygon, Ethereum, Arbitrum, Celo, and Optimism,
The integration will enable users to buy NFTs on the Uniswap platform while accessing the on-chain liquidity offered by Sudoswap’s automatic market maker sudoAMM. Automated market makers allow for NFTs to be automatically swapped using liquidity pools, as opposed to a traditional marketplace that requires buyers with sellers.
Sudoswap is a new NFT platform that lets users buy and sell NFTs in a decentralized manner and construct NFT liquidity pools. One way Sudoswap competes with the top NFT marketplace OpenSea is by offering low gas fees at just .5 percent — significantly less than OpenSea’s 2.5 percent rate.
Crypto Exchanges Are Adopting NFTs
The news shows that Uniswap, which also recently acquired the NFT aggregator Genie, is doubling down on non-fungible tokens should come as no surprise to folks who pay attention to NFT news. At Rarity Sniper, we’ve reported on several crypto exchanges integrating NFTs into their marketplaces.
Earlier in the month, the Seychelles-based crypto exchange KuCoin launched a non-custodial browser-based crypto wallet that lets users store and display their digital collectibles. The crypto exchange said it would soon be introducing Web3 integrations like dApps for NFT trading, blockchain-based gaming, and DeFi.The news came shortly after the company pledged a $100 million fund to support NFT projects, as well as the announcement of its first NFT collection called Zzoopers.
In addition, Coinbase and Crypto.com have software wallet apps to store NFTs, and Binance — the largest crypto exchange in the world — owns a popular crypto wallet app called Trust wallet.
Lastly, the popular trading app Robinhood announced that it was developing a Web3 wallet that includes NFT storage. The wallet is rumored to have a “no-fee” structure, similar to Robinhood’s “commission-free” crypto and stock trading platform.
Even as the crypto and NFT markets remain bearish, it appears crypto exchanges understand the importance of NFT integration. For those who prefer to do their NFT trading on decentralized exchanges, Uniswap’s new integration should be a pleasant surprise.