The types of cryptocurrencies that may be used to buy assets on NFT markets are normally limited, however, Uniswap's NFT marketplace has recently introduced a new function that alters everything.
Via a streamlined interface, Uniswap NFT traders may now buy their NFTs with any token on the Ethereum blockchain, including stablecoins like USDC or Tether or even a meme currency like Shiba Inu.
How does it function? The cryptocurrency start-up claims that the new Universal Router contract from Uniswap "finds the most cost-efficient route" to carry out a swap from any Ethereum-based token into the necessary token for the NFT sales (typically Ethereum) and then sends that cryptocurrency to OpenSea's Seaport protocol to complete the transaction.
For people who might need to exchange one cryptocurrency for another before acquiring an NFT, Uniswap is radically simplifying the NFT purchase procedure from the inside out.
A trader could, for example, purchase an NFT that costs 1 ETH with a combination of USDC and Tether, DAI and SHIB, or Uniswap's native token UNI and Chainlink. The company also stated that it plans to support combined sums of multiple different cryptocurrencies for a single NFT sale shortly.
What does this imply for traders using NFT? The new feature is intended for current Uniswap traders who exchange a large number of tokens on the platform regularly. Also, it could make it easier for users who are juggling liquidity to quickly lock in the sales they desire without having to manually switch the tokens first. One less transaction before making an NFT buy also implies one less taxable event, which is good news for anyone worried about the tax repercussions of NFT trading.
Less than 10,000 total transactions and around US$7.6 million in total volume exchanged have occurred since Uniswap purchased NFT aggregator Genie last year and introduced its NFT marketplace feature on its platform in November. According to a dashboard created by Dune Analytics Data Scientist MarcoV, there are around 16,600 total suppliers and 5,400 total buyers.
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