What Was Genie?
Genie aggregates NFT marketplaces, allowing users to buy and sell in bulk across significant markets in one transaction. The platform is designed to limit gas consumption using libraries, delegate calls, and move as much logic as possible off-chain during transactions.
Background
Uniswap acquired Genie in 2022. Genie is no longer in standalone development.
How It Works
The Genie platform sells NFTs to liquidity pools on NFTX and NFT20. Users may see a “No Instant Liquidity Found” message if there’s insufficient liquidity. This means that Genie doesn’t have a liquidity pool where your NFT can be sold instantly. Genie doesn’t charge platform fees, but users need to pay marketplace fees on OpenSea or Rarible and associated royalty fees, depending on the collection.
Users can still sell their NFTs using Genie List despite the potential lack of immediate liquidity. This secondary service allows users to list their NFTs for sale across several supported marketplaces.
Key Takeaways
- Genie is an aggregator for NFT marketplaces, enabling users to transact across significant markets in one go, and is designed to limit gas consumption.
- It was acquired by Uniswap in 2022 and is no longer in development.
- Genie sells NFTs to liquidity pools on NFTX and NFT20, and users may sometimes encounter a “No Instant Liquidity Found” message if there’s insufficient liquidity.
- Although Genie doesn’t charge platform fees, users must pay marketplace fees on OpenSea or Rarible and any associated royalty fees.
- Despite potential liquidity issues, users can list their NFTs for sale across several supported marketplaces using the Genie List service.
