Uniswap in talks with 7 lending protocols to ‘build NFT funding’
Decentralized exchange Uniswap is in talks with seven NFT lending protocols, according to a tweet from head of NFT product Scott Lewis.
uniswap is the interface for all nft liquidity.
we are now in talks with 7 nft lending protocols. we will work with each to address liquidity fragmentation and information asymmetry. this is the first step to build nft financing.
— Scott 🦄 (@Scott_eth) 23 August 2022
According to Lewis, Uniswap will work with each lending protocol to “address liquidity fragmentation and information asymmetry.” He added, “this is the first step to building NFT funding.”
Lewis did not disclose which lending protocols are in discussions with Uniswap.
Community receptive to the idea
The NFT community has welcomed news of Uniswap’s growing interest in the scene.
Indeed, there is a very serious information asymmetry, and users need a more concise interaction method to participate in the liquidation and auction of NFT assets.
— Shier 🦇🔊 (@shier_eth) 23 August 2022
According to Shier, the community “needs a more concise method of interaction to participate in the liquidation and auction of NFT assets.”
Let’s chat, Scott! 🤝🔓
— Unlockd (@Unlockd_Finance) 23 August 2022
Several NFT platforms such as Unlockd_Finance, Liquid NFTs, Fuku and others also expressed interest in joining the talks with Uniswap.
Uniswap and NFTs
Uniswap has shown interest in the NFT scene with some acquisitions and integrations.
DEX recently announced the integration of Sudoswap, a decentralized NFT marketplace, into its platform to allow efficient NFT exchanges.
We launch NFTs on Uniswap with full @sudoswap User support. Pool data is flowing in👇 pic.twitter.com/nsRt9Cp1Ss
— Scott 🦄 (@Scott_eth) 22 July 2022
Sudoswap already incorporates some of the features of decentralized exchanges, such as swapping and automated market maker for NFTs.
Uniswap also acquired Genie, an NFT marketplace aggregator. According to the announcement, the Genie acquisition is aimed at “making Uniswap a comprehensive platform for web3 users and builders.”
DappRadar wrote that Uniswap’s move to NFTs “could usher in a new type of NFT that relies not only on rarity factors and exclusivity, but actual financial utility.”
NFT lending in the spotlight
NFT’s lending services have been in the spotlight in recent weeks as liquidation fears surround blue-chip NFTs on BendDAO.
According to available information, around 55 million dollars can be deleted from the market.
📢BIP#9 has passed quorum with 97% approval.
Thanks for the community support!
🆕BIP#10 is proposed to adjust the implementation plan for liquidation threshold and auction duration considering the suggestions collected from the BendDAO forum.https://t.co/Op5x8kt7uJ
— BendDAO.eth (@BendDAO) 23 August 2022
Meanwhile, BendDAO has passed an emergency proposal to see the collateral liquidation threshold drop to 70% from 85%. The proposal also shortens the auction period from 48 hours to 4 hours.
