of users Uniswap NFT Platform Ethereum-based tokens will be used to purchase non-fungible tokens. The move is part of Uniswap’s efforts to gain a share of the NFT market dominated by OpenSea and, more recently, Blur.
NFT traders will welcome this as there are many restrictions on buying non-fungible tokens on various markets. For example, some are very specific about what kind of tokens a user needs before completing a transaction.
Uniswap’s new feature allows NFT traders to purchase using any token supported by the Ethereum blockchain using a simplified interface. This is also true for stablecoins like USDC and USDT, and meme coins like Shiba Inu.
1/ Have you purchased NFTs with ERC20 tokens?
On the surface, the transaction appears to be buying NFTs with any token in your wallet. Digging into the code, however, makes it a little more interesting. pic.twitter.com/CQuaCTeSfY
—Uniswap Labs 🦄 (@Uniswap) February 23, 2023
According to Uniswap, the new universal router deal will “The most cost-effective route” Exchange your Ethereum-based tokens for the tokens needed for the NFT sale to occur. Then push that crypto into OpenSea’s Seaport protocol, where the transaction is finalized.
The new integration is a godsend for NFT buyers who need to trade one crypto for another before completing their purchase. We also have plans to support the purchase of a single NFT using multiple cryptocurrencies in the future. For example, if the cost of an NFT is 2 ETH, buyers can combine tokens to pay as long as the full amount is met.
Uniswap hopes to ignite trading on NFT marketplace
Now, Uniswap hopes this new feature will bring excitement to the NFT market. In total, he has made less than 10,000 trades on the protocol since adding his NFT trading capabilities to the platform last November. This equates to approximately $7.6 million in total traded volume.
According to Dune Analytics data, the platform has approximately 16,600 total sellers and 5,400 total buyers. These figures are poorly reflected in a protocol that boasts over 4.8 million users. It is clear that Uniswap has not been able to transfer the popularity of its core product to his NFT marketplace. However, with new integrations, things could change quickly.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.
