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Uniswap is in the process of integrating Sudoswap, a decentralized NFT exchange, indicating that the leading crypto DEX’s NFT plans are well underway.
Centralized and Decentralized NFT Marketplaces Alike
Uniswap’s NFT plans are concretizing.
Today Uniswap’s head of NFT products, Scott Lewis, posted a tweet stating that Uniswap will be launching NFTs “with full Sudoswap support.” An image attached to the post showed that the Sudoswap integration was already underway, with “pool data already flowing in.”
Uniswap is the world’s largest decentralized exchange (DEX); it enables users to trade cryptocurrencies permissionless. Data from DeFi Llama show that the protocol currently has more than $6 billion in value locked in its liquidity pools across Ethereum, Polygon, Arbitrum, Optimism, and Celo.
The protocol announced in June that it had acquired Genie, a market aggregation platform for NFTs. Instead of hosting NFTs on its own platform, Uniswap plans on giving users the ability to access NFTs from multiple marketplaces all from one spot. The Uniswap team said expanding its product offering to NFTs was a “no-brainer,” calling them a “form of value in the growing digital economy.”
Sudoswap is an NFT DEX; it lets users buy or sell NFTs in a decentralized manner by enabling them to create their own NFT liquidity pools. Moreover, the platform optimizes for gas and only charges 0.5% in fees, which is five times lower than OpenSea’s 2.5% fee rate.
Today’s disclosure by Lewis indicates that Uniswap’s NFT integration plans are already well underway. It also shows the protocol won’t be limiting itself to traditional, centralized marketplaces such as OpenSea or LooksRare, but will also be adding NFT DEXs and more experimental products. The team has predicted that NFT trading will be enabled on the website sometime in the fall.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.