users of the Uniswap NFT Platform you will be able to purchase non-fungible tokens using any Ethereum-based token. The move is part of Uniswap’s efforts to gain a share of the NFT market, which has been dominated by OpenSea and, more recently, Blur.
NFT traders will find this move welcome as there are many restrictions involved in purchasing non-fungible tokens on various exchanges. For example, some are quite specific about the type of token required before the user can complete a transaction.
The new Uniswap feature allows NFT traders to use any token supported by the Ethereum blockchain to make a purchase using its simplified interface. This goes for stablecoins like USDC and USDT and even meme coins like Shiba Inu.
1/ Have you already bought an NFT with an ERC20 token?
On the surface, your transaction will show up as if you were buying an NFT with any token in your wallet. But dig deeper into the code and things get a bit more interesting: pic.twitter.com/CQuaCTeSfY
— Uniswap Laboratories 🦄 (@Uniswap) February 23, 2023
According to Uniswap, the new Universal Router contract will find “the most profitable route” to exchange any Ethereum-based token into the token required for the NFT sale to occur. It will then send that crypto to OpenSea’s Seaport protocol, where the transaction will be finalized.
The new integration is a boon for NFT buyers, who sometimes need to exchange one cryptocurrency for another before completing a purchase. In the future, there are also plans to support the purchase of a single NFT using multiple cryptocurrencies. For example, if the NFT costs 2 ETH, buyers could pay with a mix of tokens as long as the full value is reached.
Uniswap hopes to boost trading on its NFT marketplace
Now, Uniswap hopes that this new feature will bring life to its NFT marketplace. Since adding NFT trading capabilities to its platform last November, the protocol has seen less than 10,000 total transactions. This roughly translates to around $7.6 million in total volume traded.
Data from Dune Analytics shows that the platform has around 16,600 total sellers and 5,400 total buyers. These numbers do not reflect very well on a protocol that has more than 4.8 million users. It is clear that Uniswap has not been able to transfer the popularity of its core offering to its NFT marketplace. However, with the new integration, things could change soon.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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