Trade NFTs on Uniswap 🦄
Metaversal is one Bankless newsletter for weekly levels on NFTs, virtual worlds and collectibles
Dear Bankless Nation,
In 2018, Uniswap pioneered the automated market maker (AMM) model that went on to popularize fungible token trading on Ethereum, which in turn helped create and fuel the rise of decentralized finance.
Fast forward to this week and Uniswap has just expanded to non-fungible token trading with the release of the new NFT marketplace aggregator system.
At a time when Apple is blocking of NFT transactions on apps like Coinbase Wallet, Uniswap is now most importantly a new open NFT store with powerful infrastructure and an elegant user interface.
If you haven’t checked this UI flow out yet, no worries – let’s go over the basics and big ideas you need to know for today’s post!
-WMP
PS Uniswap Labs is the latest sponsor of Metaversal, although today’s post is not sponsored content. I select and create each post independently, and in my opinion, Uniswap NFT trading is simply the biggest news in NFTs right now!
🙏 Sponsor: Uniswap Labs — Better Prices, More Listings: NFTs on Uniswap✨
Uniswap is currently fifth largest DeFi app per DeFiLlama and second most profitable crypto project behind only Ethereum in terms of Crypto Fees.
In June 2022, Uniswap Labs – the builders behind the Uniswap product line – bought Geniethe first NFT marketplace aggregator, which absorbed its infra.
“NFTs will be integrated into our products, starting with the Uniswap web app, where you will soon be able to buy and sell NFTs across all major marketplaces,” Uniswap Labs said at the time.
More recently, the team unveiled a new one Universal router system, so that multiple token exchanges and NFT trades can take place within a single transaction.
This router paved the way for Uniswap’s new NFT infra to become even more efficient and flexible ahead of launch, which finally happened this week when Uniswap Labs rolled out the new NFT trading experience on the Uniswap frontend.
Out of the gate, Uniswap’s NFT aggregator supports trading across eight marketplaces: Foundation, Larva Labs, LooksRare, NFT20, NFTX, OpenSea, Sudoswap, and X2Y2.
Thanks to the aforementioned Universal Router system, Uniswap is now positioned as most gas-efficient NFT aggregator in the room as well, which should help many traders save on costs when “swiping” multiple NFTs.
Did you trade NFTs on Genie right after reading mine How to sweep NFT floors post in Bankless in February 2021?
Congratulations! You should qualify for USDC airdrop which Uniswap conducts for historical Genie users, as the snapshot of the airdrop was taken on April 15, 2022.
You can check your eligibility at app.uniswap.org, where claims will be open for the next year. Wallets that completed more than one transaction on Genie before the snapshot will receive 300 USDwhile pre-snapshot Genie:Genesis NFT holders are eligible for 1000 USD.
In addition, Uniswap is running a gas discount program for the first 22,000 unique wallets that purchase an NFT on Uniswap between now and December 14, 2022.
These discounts will be able to be claimed from next month. Eligible transactions that spend more than 0.01Ξ on gas will receive a discount of 0.01Ξ, while transactions that spend less than 0.01Ξ on gas will have their total gas costs covered.
Trading fungible tokens on Uniswap is an easy experience and the same is now true for NFTs on Uniswap as well. Here’s how to buy or sell NFTs on Uniswap in five steps anyway:
Buying NFTs
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Go to app.uniswap.org/#/nfts and connect to the wallet
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Browse the popular collections or use the search field to find a specific collection or NFTs of interest
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Click on the NFTs you want to add to the shopping cart
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Press “Pay” to continue and complete the purchase with the wallet
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Wait for the transaction to complete and that’s it! You can view your new NFT(s) directly on Uniswap by clicking on your address/ENS name at the top right of the page and then pressing the “View and sell NFT” button
Selling NFTs
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Go to app.uniswap.org/#/nfts and connect to the wallet
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Click on your address/ENT name and press the “View and sell NFTs” button
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Select the NFTs you want to put up for sale and then press the “Continue” button
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Enter the marketplaces you want to list on, the duration of the listings and desired selling prices
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Use the wallet to approve the collection(s) and verify the entries and you’re done! In the meantime, just wait and see if you get any bites
Uniswap has shown what openness and transparency can do in DeFi, and now the project is bringing the same value-based approach to the NFT ecosystem.
I and many others in crypto believe this kind of transparency is the path to better futures for apps and the people who use them, so it is promising to see Uniswap develop with NFTs in this way at a time when opaque corporate walls like Apple are stops access to NFTs.
Looking forward to that, it will be interesting to see how Uniswap’s NFT trading volume statistics fare in the months ahead, but for now only time will tell!
William M. Peaster is a professional writer and creator of Metaversal– a bankless newsletter focused on the rise of NFTs in the crypto-economy. He has also recently contributed content to Bankless, JPG and more!
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Trade NFTs across major marketplaces to find more listings at better prices. NFTs on Uniswap are open source, trustless and self-sufficient. To celebrate NFTs on Uniswap, we are flying $5 million to certain historical Genius users. Start trading NFTs today on Uniswap.
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Mediation. From time to time I may add links in this newsletter to products I use. I may receive a commission if you purchase through one of these links. In addition, the Bankless writers have crypto assets. See our investment information here.
