Uniswap, a decentralized exchange, offers users the ability to trade cryptocurrency tokens and nonfungible tokens (NFTs). Since its establishment in 2018, the Uniswap NFT marketplace has facilitated over 250 million swaps. The protocol of Uniswap is composed of smart contracts that are persistent and non-upgradeable at the contract level, but can still undergo upgrades and improvements through governance processes. This allows for Uniswap and NFT interoperability, enabling the trading of NFTs on multiple blockchains, including Ethereum, BNB Smart Chain, and Polygon.
Uniswap utilizes ERC-721 NFT contracts, which provide a unique ID to identify each NFT. These ERC-721 tokens on Uniswap are nonfungible and enable the exchange of NFTs while keeping track of ownership.
The protocol includes various tools, such as an NFT aggregator, which facilitates the swapping of digital assets like Ethereum NFTs on Uniswap. This guide to Uniswap NFT trading explores the process of trading digital assets on Uniswap.
Uniswap plays a significant role in NFT exchange by offering a suite of software tools that operate on the Uniswap protocol. These tools include the Uniswap app, which allows users to explore, send, swap, and buy NFTs and cryptocurrencies, and the Uniswap Web app, which provides the same functionalities on desktop or laptop devices. Additionally, Uniswap offers an NFT aggregator, which integrates elements of decentralized finance (DeFi) and NFTs, allowing traders to track listings across major marketplaces and find the best deals.
In November 2022, Uniswap introduced a new set of smart contracts aimed at improving security and optimizing costs within the platform. These contracts, known as Permit 2 and Universal router, were widely adopted by developers within the Uniswap ecosystem, contributing to the platform’s efficiency and effectiveness.
Uniswap aggregates listings from various marketplaces, including OpenSea, Larva Labs, and Foundation. The following tutorial demonstrates how to use Uniswap for NFT transactions.
To buy NFTs on Uniswap, users need to visit the Uniswap Web app and connect their wallet to initiate transactions. The following steps outline the process:
1. Go to the Uniswap Web app and connect your wallet.
2. Click the “NFTs” tab and use the search bar to find the desired NFT.
3. Add the NFT to your bag by clicking “Add to bag.”
4. Repeat the previous step to add more NFTs to your bag.
5. Once you have selected all the desired NFTs, click “Pay with.”
6. Choose the ERC-20 token you want to use for the transaction.
7. Select “Pay with,” and if necessary, acknowledge any price impact warning.
8. Choose “Pay” to be redirected to your wallet.
9. Confirm the purchase in your wallet.
10. Once the transaction is completed, you have successfully bought the NFT.
To sell NFTs on Uniswap and list them on multiple marketplaces, follow these steps:
1. Go to the Uniswap Web app.
2. Connect your wallet and open your NFT portfolio.
3. Choose “View and sell NFTs.”
4. Search and select the NFT you want to sell.
5. Click “List for sale” when the “Sell” pop-up appears.
6. Choose the desired marketplace for listing the NFT.
7. Set the duration for which you want to leave the NFT up for sale.
8. Enter the price at which you wish to sell the NFT.
9. Click “Start listing” and approve the sale listing in your wallet.
10. Sign the listing for the sale to go live.
If you want to delist an NFT on Uniswap, follow these steps:
1. Open the Uniswap Web app and connect your wallet.
2. Click “View and sell NFTs” to find the NFT you want to delist.
3. Scroll to the “Activity” section below the NFTs.
4. Find the listing transaction and take note of the marketplace where it was listed.
5. Visit the corresponding marketplace website and delist the NFT by connecting your wallet.
6. Repeat the previous step for other marketplaces, if applicable.
To sweep an NFT collection on Uniswap, which involves acquiring multiple or all pieces of an NFT collection at the floor price, follow these steps:
1. Visit the Uniswap Web app and connect your digital wallet.
2. Use the search bar to locate the NFT collection by name or contract address.
3. Choose “Sweep.”
4. Select the desired sweep method, either by Ether (ETH) amount or total ETH spend.
5. Review the transaction in the shopping bag and click “Pay” to complete it.
Uniswap introduced Mini Portfolio on March 22, 2023, allowing users to view and manage their assets on the Uniswap Web app. By connecting any wallet to the app, users can oversee their activities.
Within the Uniswap Web app, users can view all token balances, token details, swaps, price history, and total value locked (TVL) on one platform. Swap routers execute swaps based on the user’s chosen venue, such as NFT marketplaces or Uniswap pools, ensuring the best prices and low gas fees. Users can also purchase cryptocurrency directly from their Mini Portfolio using bank or debit/credit cards.
By selecting the “NFTs” tab, users can view their entire NFT collection and access detailed information about each item. The details page provides a comprehensive history of the collection, including items listed for sale.
To check the status of liquidity pool (LP) tokens, users can click on the “Pools” tab. This tab displays all active LP pools and allows users to manage their pool positions. The Uniswap auto router helps find the optimal trade route by sourcing the most advantageous swap price from multiple liquidity pools.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.