While OpenSea remains the largest NFT exchange, there are a variety of marketplaces for dozens of categories of assets including pfps, IP, art, sports, collectibles, and more. Currently, the liquidity between marketplaces remains fragmented. Listing assets across a variety of exchanges is time consuming and purchasing NFTs of the same collection from a variety of exchanges has been tedious, until now.
Genie is an NFT aggregator, or as the team so catchily describes it, “The Metaverse’s Aggregator”. Genie offers two features, Genie Swap and Genie List.
Genie Swap: Instant Liquidity & Floor Sweeping
Genie Swap enables anyone to buy and sell multiple NFTs across a variety of marketplaces in a single transaction. Genie users can purchase NFTs using a combination of Ether and/or NFTs.
Under the hood, Genie aggregates Rarible, OpenSea, NFTX, and NFT20 marketplaces. By integrating NFTX and NFT20 – Genie can sell any NFT into one of their liquidity pools for instant liquidity. More granularly, in the case of selling an NFT, a user can use Genie’s Swap which enables instant liquidity for Ether. Genie’s instant liquidity functions by first finding an NFT with an NFTX liquidity pool. By adding the token into the NFTX pool, the Genie protocol obtains vToken that represents a 1:1 claim on a random NFT. Next, the protocol swaps those vTokens in a SushiSwap Pool (or other DEX) for Ether which is distributed to the user.
Genie: The Metaverse’s Aggregator
While OpenSea remains the largest NFT exchange, there are a variety of marketplaces for dozens of categories of assets including pfps, IP, art, sports, collectibles, and more. Currently, the liquidity between marketplaces remains fragmented. Listing assets across a variety of exchanges is time consuming and purchasing NFTs of the same collection from a variety of exchanges has been tedious, until now.
Genie: The First Two Wishes Genie is an NFT aggregator, or as the team so catchily describes it, “The Metaverse’s Aggregator”. Genie offers two features, Genie Swap and Genie List.
Genie Swap: Instant Liquidity & Floor Sweeping
Genie Swap enables anyone to buy and sell multiple NFTs across a variety of marketplaces in a single transaction. Genie users can purchase NFTs using a combination of Ether and/or NFTs.
Under the hood, Genie aggregates Rarible, OpenSea, NFTX, and NFT20 marketplaces. By integrating NFTX and NFT20 – Genie can sell any NFT into one of their liquidity pools for instant liquidity. More granularly, in the case of selling an NFT, a user can use Genie’s Swap which enables instant liquidity for Ether. Genie’s instant liquidity functions by first finding an NFT with an NFTX liquidity pool. By adding the token into the NFTX pool, the Genie protocol obtains vToken that represents a 1:1 claim on a random NFT. Next, the protocol swaps those vTokens in a SushiSwap Pool (or other DEX) for Ether which is distributed to the user.
Source: Genie
The same process can be used for purchasing an NFT by selling multiple NFTs. The NFT buyer would use Genie Swap to sell multiple NFTs which would then go through NFTX or NFT20 to be exchanged into Ether which is then used to purchase the desired NFT.
To date, Genie has facilitated over 6,500 ETH (~$26 million) in Swap volume, notable considering the protocol experienced significant volume while in beta.
