The most recent announcement states that Uniswap NFT traders can now use any ERC20 token, including stablecoins like USDC or Tether or a meme coin like Shiba Inu, to purchase their NFTs with its newly launched feature.
1/ Buy NFTs with ANY single ERC-20 token—starting today! ✨
— Uniswap Labs 🦄 (@Uniswap) February 22, 2023
Don’t have enough $ETH? No problem. Use any ERC20 token in your wallet to complete your transaction without swapping to ETH first. pic.twitter.com/vJ9UtYnWtP
The types of cryptocurrencies that can be used to buy assets on NFT marketplaces are typically limited, but Uniswap’s NFT marketplace‘s new feature changes that limitation. For those who might need to exchange one cryptocurrency for another before purchasing an NFT, Uniswap is radically simplifying the NFT purchase procedure from the inside out.
Since we launched NFTs on Uniswap, we’ve been working to create a more unified experience between NFTs and ERC-20s. Starting today, buyers can purchase NFTs on Uniswap with any ERC20 token and sellers will still receive their listing token.reads the announcement.
According to Uniswap, This feature is facilitated by a new Universal Router contract, which combines token and NFT trades for the first time into a flexible and gas-optimized swap router.
Universal Router determines the cheapest way to exchange your ERC20 token for the purchase token, such as ETH, and then settles the trade using Opensea’s Seaport, a marketplace protocol for exchanging ERC721s and ERC1155s.
The company also stated that it would soon support the combined amounts of several different cryptocurrencies for a single NFT sale. For example, if an NFT costs 1 ETH, a trader could purchase it using a combination of USDC and Tether, DAI and SHIB, or Uniswap’s native token UNI and Chainlink.
By bringing ERC20s and NFTs closer together, we’re exploring what digital ownership and exchange can make possible. We’ve already seen some projects test these boundaries with projects like Treasure DAO that price their assets exclusively in MAGIC.
We expect to see more creative intersections of ERC20s and NFTs in the future.
After acquiring NFT aggregator Genie, Uniswap launched its NFT marketplace in November, but it has struggled to gain traction, with less than 10,000 transactions and a total trading volume of $7.6 million. Although Uniswap’s broader DeFi platform has almost 4.8 million users, the NFT product has only attracted 5,400 buyers and 16,600 sellers.
Uniswap has made recent advancements to its NFT platform to improve the user experience, but it is uncertain whether these changes will be sufficient to entice users away from competitors
