2021 was a big year for NFTs as sales hit a whopping US$25 billion with over 28 million active wallets trading NFTs.
While NFT sales have been booming, the whole NFT ecosystem has been very fragmented with many marketplaces all over the place.
With more marketplaces launching in the near future, there is a strong demand for an NFT aggregator that enables collectors to trade across all the different marketplaces.
Introducing Genie
Genie’s mission is to build the Metaverse’s aggregator so that citizens can access all liquidity and information regardless of its location. Genie will deliver immutable wishes whether you’re interacting with our interface or making a voice command in a virtual world. A fragmented world needs an aggregator.
Officially launched in November 2021, Genie quickly gained traction within the NFT community and become one of the top NFT marketplaces.
Genie is the very first NFT marketplace aggregator on Ethereum that allows users to buy, sell and trade across all major NFT marketplace in a single transaction.
Genie introduced two revolutionary products, GenieSwap and GenieList, that reimagine the way a user buy and sell their precious NFT.
GenieSwap
GenieSwap prides itself for:
- Access to all major NFT marketplaces in a single platform
- Ability to batch buy and sell NFT in a single transaction
- Saving on Gas fee by batch buying and selling
- More efficient routing when trading
This innovation is game-changing as it helps collectors save the hassle of buying each NFT individually, and also potentially helping to save hundreds of dollars on gas fees.
GenieList
Similar to GenieSwap, but instead of buying NFTs in bulk, GenieList allows users to list NFTs for sale in batches. This feature enables users to list multiple NFTs on one or more marketplaces simultaneously.
Sellers are also able to maximize the listing exposure through Meta Listing. Meta Listing is a groundbreaking feature that allows batch listing across multiple marketplaces. This significantly increases the listing exposure which in turn lead to faster sales.
High trading volume
The first big purchase done on Genie was by the NFT arm of Wave Financial. It swept the floor of Cool Cats and got a hold of 20 Cool Cats NFTs for an estimated US$1 million.
While it is still a relatively new NFT marketplace, it has already gotten a loyal userbase and is among one of the top five NFT marketplaces in terms of trading volume. However, ever since the launch of its competitor, Gem, the transaction volume has fallen quite a bit.
The project team announced that there will be more marketplace integrations, and it will eventually expand to include other market services, being much more than just an NFT aggregator.
Moving forward, marketplace aggregators will definitely be a major theme as more and more marketplaces spring up to compete for a piece of the pie.
How to use GenieSwap
Like many protocols out there, the first step is always to connect your digital wallet.
At the time of writing, Genie currently supports four different digital wallets: Metamask, WalletConnect, Fortmatic and WalletLink.
Genie currently supports a few NFT marketplaces like OpenSea, NFTX, NFT20, and Rarible. All the popular collections will be available for choosing.
Here is where Genie starts to shine. Unlike OpenSea where you can only select a single NFT, Genie allows you to select multiple NFTs and add them to the cart.
This function helps to simplify the whole process of bulk purchase and make it very convenient for whales to sweep the floor.
Next, you will be able to select the token you want to pay with, and click “Review Order” once you’re ready.
Once you’re done, you can click the place order button and the protocol would process your transaction in the backend.
Alternatively, you can watch this short video produced by the brilliant team behind Genie.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image: Genie
Also Read: Would You Pay US$1 Million For An NFT? Here Are The Top 5 NFT Projects On OpenSea
