In a tweet from the NFT product head, the exchange is said to be in touch with numerous NFT lending protocols in order to promote NFT financialization.
According to a social media post from Uniswap’s head of NFT product Scott Gray, the cryptocurrency exchange Uniswap engaged in negotiations with several nonfungible token (NFT) lending protocols. In his tweet, Gray underlined the company’s desire to address both liquidity concerns and the “information asymmetry” surrounding NFTs.
The Twitter crowd, on the other hand, had a polarizing reaction to Uniswap‘s intentions for these talks and potential collaboration with lending protocols. Some individuals thought it was a step toward establishing the future of decentralized finance, also known as DeFi.
Others questioned Uniswap’s motives for becoming interested in NFT financialization, with some speculating that it was all about the money.
Over the last several months, Uniswap has made significant advances in integrating NFT trading into its services. Uniswap is a major decentralized exchange (DEX) with $5 billion in liquidity pools.
In June, Uniswap announced its purchase of Genie, an NFT market aggregation platform, allowing users to discover and trade digital assets across most platforms. Gray subsequently tweeted that Uniswap plans to offer full Sudoswap functionality in the near future. Anonymous trading around NFT sales and the formation of NFT liquidity pools is possible using Sudosawp.
This is not the only time that the company has dabbled in NFTs – they launched Unisocks back in 2019. However, this latest activity shows that NFTs are gaining more traction and utility both inside and outside of the DeFi space.
Multifarious businesses are tokenized digital assets for a gamut of purposes, such as real estate contracts and digital fashion to collectibles and music rights monetization.