- Decentralized exchange Uniswap has launched an NFT aggregator that brings together NFTs from different marketplaces
- Supported marketplaces include OpenSea, LooksRare and X2Y2
- Uniswap intends to save NFT collectors 15% of transaction fees
Decentralized exchange Uniswap has unveiled an NFT aggregator that allows NFT trading of collections listed on multiple marketplaces from a central point. At launch, the aggregator supports eight NFT trading platforms, OpenSea, NFT20, LooksRare, X2Y2, Larva Labs, NFTX, Sudoswap, and Foundation. The launch comes just days after Uniswap denied allegations that it collects users’ IP addresses.
Low Fees, Faster Indexing and an Open Platform
The aggregator’s developers revealed that the platform allows users to combine multiple swap functions into a single event thus saving close to 15% in transaction fees. Apart from lower gas fees, the platform promises improved order execution and “faster indexing.”
Uniswap said that its trustless and open-source nature has found its way into the aggregator, adding that it has “open-sourced all of [its] front-end code, making [it] the first major NFT platform to do so.”
To popularize the platform, Uniswap has set aside five million USDC coins to give to selected users of the Genie NFT aggregator, which Uniswap acquired five months ago. Selection of the lucky users will be based on users’ wallet status as of April 15 this year. New users will also get discounted transaction fees of up to 0.01 ETH, for the first 22,000 users.
NFT Market Fragmentation Prevents an App Store-like Scenario
According to Uniswap, the aggregator seeks to enable interoperability between digital collectibles and Ethereum-based ERC-20 tokens. Uniswap’s Head of NFT product Scott Gray told Decrypt that the current NFT market fragmentation promotes decentralization which keeps users, and not platforms, in control.
Gray added that the fragmentation prevents the occurrence of a scenario “like the Apple App Store” where platforms dictate the rules such as Apple demanding a 30% cut on in-app NFT sales. Uniswap’s NFT aggregator comes at a time when NFT platforms like Magic Eden are adding support for more blockchains, further offering NFT collectors a wide collection of digital collectibles on a single marketplace.
