Uniswap NFT market launch countdown, its Github revealed these details

A new round of offensive and defensive battles on NFT trading platforms is about to begin.

Written by: Shiwen

In June of this year, Uniswap acquired the NFT aggregation platform Genie; in July, Uniswap solicited users’ opinions on the functions of NFT products on its official Twitter account... Uniswap’s various moves indicate that this DEX giant is making great strides into the NFT market.

Although the Uniswap NFT market has not yet been launched, everyone has speculated in advance that its NFT products may start with NFT liquidity to enhance the NFT trading experience. This morning, the Twitter account @CroissantEth posted that 214 code information related to the Uniswap NFT market was found on Uniswap's Github, indicating that the Uniswap NFT market is about to be launched. At the same time, Uniswap founder Hayden also said on Twitter that something big is going to happen. As the largest DEX on the market, with industry-leading trading volume and liquidity, what changes will it cause once it expands to the NFT field?

Based on @CroissantEth’s spoiler, Odaily Planet Daily also checked the relevant information about Uniswap’s Github and indeed found a number of codes related to the Uniswap NFT market, most of which showed the effects of the Uniswap NFT market front-end. At the same time, we also made several interesting discoveries.

Uniswap NFT market layout is highly homogenized

Based on some of the example pictures listed by @CroissantEth, we found that the layout (whether it is sorting by time range or detailed introduction page of NFT series) is similar to the existing NFT market.

The specific functions of the Uniswap NFT market include: sales and transfer information, NFT floor price, total transaction volume, and 24-hour data changes. Among them, the Uniswap NFT market also adds a "sweep floor" button, which is similar to the aggregation market such as X2Y2, allowing users to scan multiple NFTs in a single transaction.

It can be seen that the Uniswap NFT market still chooses the layout and functions that users are more familiar with in product design. Although this provides a good trading experience for users, compared with other mature NFT markets, there are no outstanding innovative functions, which is a bit conservative for Uniswap, which has always been able to be ingenious in product development. I don’t know whether Uniswap can still bring users a different NFT trading experience after it is officially launched.

The Pudgy Penguins series may be one of the first collections to arrive

While browsing GitHub information, we found a code list for NFT Banner. On the code page, we found several example images.

For example, in the example picture below, we see three NFT collection series, the most familiar one is the Pudgy Penguins series. Just a week ago, Scott, the head of Uniswap NFT products, posted on social media hinting that Uniswap will announce its NFT product cooperation with the Pudgy Penguins series NFT. This example picture also confirms that the Pudgy Penguins series should be one of the first collections to enter the Uniswap NFT market.

The other two NFT collections are from the boiz series by artist LIŔONA, which Scott also used as his avatar. The other is Unisocks, a crypto-themed sock that can be purchased on Uniswap for SOCKS tokens to buy limited edition Unisocks.

From GitHub

Uniswap will launch NFT aggregation market

Additionally, we found the description for the “Universal Router”, which is an ERC 20 and NFT swap router that allows users to have more flexibility when executing trades across multiple token types. For example, execute swaps for your desired venues like Uniswap pools, NFT marketplaces, etc., and the swap router is optimized to find the lowest price and execute them at the lowest gas cost.

It is worth noting that the universal router allows users to unify Uniswap ERC 20 transactions (on V2 and V3) with NFT purchases across 8 markets in a single transaction, giving users more secure and flexible control over their ERC 20 tokens. It unifies token and NFT transactions into a highly flexible, gas-optimized, secure, and scalable exchange router. The explanation of this router gives us good reason to infer that Uniswap wants to make an NFT aggregation market.

In the subsequent search, we did find the words marked as "Uniswap NFT Aggregator" announcement.

In the example graph listed by @CroissantEth, 7 NFT markets that have been listed and can be aggregated are also found.

However, the road to NFT aggregator does not seem to be that easy. Although Uniswap acquired Genie, relying on Genie to open up the NFT trading functions of multiple markets such as OpenSea, Rarible, and Coinbase, and with the help of liquidity protocols such as NFTX and NFT 20, it has realized instant batch trading of NFT aggregation, which can be regarded as a good card in the field of NFT aggregators. However, OpenSea, the overlord of the NFT market, cannot be ignored.

In April this year, Opensea acquired Gem (one of Genie's main competitors) and also wanted to enter the aggregator track. Then in May, OpenSea launched a new Web3 market protocol Seaport. Seaport has no contract owner, and anyone can update or generate code, which means that everyone can use it to issue their NFTs. Since its release, the total number of Seaport independent users has exceeded 1 million, and the total transaction amount has reached US$2.17 billion. In such a passive situation, Uniswap's aggregator path is bound to require an active attack in order to stand out in the battle for various NFT trading markets.

Hint: Genie's airdrop reward amount

In addition to the Uniswap NFT information on GitHub, we also unexpectedly found the Genie airdrop preview, namely:

“We’re excited to announce that Uniswap Labs has acquired Genie to build a digital asset marketplace! With Uniswap NFT, you can buy and sell NFTs on all Genie-enabled marketplaces. Additionally, if you’ve used Genie in the past, you may be eligible for a USDC airdrop. You can connect your wallet to claim any rewards. For more details on the airdrop, read the announcement on the official Uniswap Labs blog.”

After Uniswap acquired Genie, Uniswap promised airdrop rewards, but has not announced specific reward information. According to the disclosure of the code content, it is predicted that the airdrop rewards will be released soon after the Uniswap NFT market is launched. And, according to Twitter user jebthegreat.eth's careful reading of the code, it is predicted that historical users of Genie will be able to receive 300 USDC airdrop rewards, and existing Genie NFT holders will be able to receive 1000 USDC rewards.

Uniswap NFT market may use USDC as settlement

Circle co-founder Jerall Aire said in a tweet related to Uniswap NFT products: "Hopefully we can start to see more NFT markets using USDC instead of ETH for pricing and settlement. The swap between ERC 20 and NFT will help the NFT market!" The tweet was also replied by Scott, head of Uniswap NFT products: "We are looking into USDC as a payment method for NFT transactions."

Currently, ETH is the main settlement method for trading NFTs. This is also considered by some to be one of the obstacles that prevent more crypto newcomers from entering NFTs. Because they need to exchange fiat currency for ETH, and also bear the risk of ETH price decline. Therefore, stable USDC is also seen as an ideal payment medium for NFTs. Currently, almost no mainstream NFT market has introduced USDC as a payment method. Is this perhaps a new breakthrough for Uniswap NFTs?

In addition to the disclosure of the above relevant information, users should also be more interested in whether Uniswap will launch the "NFT AMM function", cross-chain transactions of NFTs, and whether royalties will be charged, etc.

Although there is little information at present, the disclosure of part of the Uniswap GitHub code also indicates that Uniswap's NFT trading business has entered the countdown to launch.

For Uniswap, which has a daily trading volume of over US$770 million and more than 4 million users, entering the NFT market also means launching a new round of offensive and defensive battles in the NFT market, and even breaking the existing NFT market structure.