Cryptocurrency

Uniswap in talks with 7 lending protocols to ‘build NFT financialization’

Decentralized exchange Uniswap is in talks with seven NFT lending protocols, according to a tweet by Scott Lewis, head of NFT products.

According to Lewis, Uniswap works with each lending protocol to โ€œresolve liquidity fragmentation and information asymmetry.โ€ He added, “This is the first step in building the financialization of NFTs.”

Lewis did not disclose the financing protocol in talks with Uniswap.

A community that accepts ideas

The NFT community welcomes the news of growing interest in the Uniswap scene.

According to Shier, the community โ€œneeds a simpler way of interacting with NFT asset clearings and participating in auctions.โ€

Several NFT platforms such as Unlockd_Finance, Liquid NFTs and Fuku have also expressed interest in joining discussions with Uniswap.

Uniswap and NFT

Uniswap has shown interest in the NFT scene with several acquisitions and integrations.

DEX recently announced the integration of Sudoswap, a decentralized NFT marketplace, into its platform to enable efficient NFT swaps.

Sudoswap already has some of the functionality of a decentralized exchange built in, such as swapping and an automated market maker for NFTs.

Uniswap too got Genie, NFT Marketplace Aggregator. According to the announcement, his purchase of Genie is aimed at “making Uniswap a comprehensive platform for web3 users and builders.”

Dapp Radar I have written Uniswap’s move to NFTs “could usher in a new kind of NFT that relies not only on scarcity and exclusivity, but on actual monetary utility,” he said.

NFT lending in the spotlight

NFT lending services have been in the spotlight for the past few weeks due to liquidation fears surrounding quality NFTs on BendDAO.

About $55 million could be wiped from the market, according to available information.

Meanwhile, BendDAO has passed an urgent proposal to reduce the threshold for collateral liquidation from 85% to 70%. Under this proposal, the auction period will also be shortened from he 48 hours to 4 hours.

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