Uniswap functions as a decentralized platform where individuals can exchange various cryptocurrency tokens and non-fungible tokens (NFTs). Since its launch in 2018, the Uniswap NFT marketplace has facilitated over 250 million trades. Uniswap operates using smart contracts that are permanent and unchangeable at the contract level but can still undergo enhancements through governance procedures. This flexibility has enabled interoperability between Uniswap and various blockchains, such as Ethereum, BNB Smart Chain, and Polygon, allowing for NFT trading on multiple platforms.
On Uniswap, ERC-721 NFT contracts are used to provide a distinctive identification for each NFT token. These unique tokens, which cannot be interchanged with others, enable the trading of NFTs and help manage ownership records.
The protocol comes with a collection of features, such as an NFT aggregator, which simplifies the process of exchanging Ethereum NFTs on Uniswap for users. This tutorial will walk you through the steps of trading digital assets on Uniswap.
Uniswap’s role in NFT exchange
Uniswap provides a range of user-friendly software solutions that work within the Uniswap platform. These tools enable users to engage in UNFT trading and cryptocurrency exchanges with ease. Some of these tools are:
- Uniswap app: A mobile app for exploring, sending, swapping and buying NFTs and cryptocurrencies.
- Uniswap Web app: It does the same job as the Uniswap app but on your desktop or laptop.
- Uniswap NFT aggregator: An aggregator marketplace that integrates elements of DeFi and NFTs on Uniswap. This tool helps track all listings across major marketplaces and exchanges, helping traders find the best deals.
In November 2022, Uniswap introduced fresh smart contracts to improve security and reduce expenses on their platform.
- Permit 2: Allowed sharing and managing of token approval across different applications, improving security, creating a unified platform and reducing costs.
- Universal router: Integrated with Permit 2, unifying NFT and ERC-20 swapping in a single swap router. This allows users to swap multiple NFTs and tokens in a single transaction, thereby saving on gas fees.
In simple terms, Uniswap’s developer community extensively used these smart contracts, enhancing the platform’s productivity and performance.
Uniswap collects its offerings from different marketplaces such as OpenSea, Larva Labs, and Foundation, plus more. Here’s a step-by-step guide on utilizing Uniswap for buying and selling NFTs (Non-Fungible Tokens).
How to carry out NFT transactions on Uniswap
One simple way to rephrase this is: To carry out NFT transactions on Uniswap, you need to visit the Uniswap website and link your digital wallet first in order to start the transaction process.
Buying NFTs on Uniswap
Users can use Uniswap to buy NFTs using any ERC-20 token:
Step 1: Go to the Uniswap Web app and connect your wallet.
Step 2: Click the “NFTs” tab and click the search bar.
Step 3: You can search for an NFT by name or its contract address.
Step 4: Once you locate the desired NFT, simply click “Add to My Items” or “Buy Now” to put it in your shopping cart. Feel free to accumulate as many NFTs as you wish in your cart.
Step 5: Once you are done selecting the NFTs, click “Pay with.”
Step 6: Choose which ERC-20 token you will use to pay the transaction.
Step 7: Choose “Pay with” as your option. If the selected token carries a significant influence on the market price, you’ll be alerted with a warning. Feel free to proceed with “Pay regardless” if you’re willing to absorb the potential price difference.
Step 8: Choose “Pay.”
Step 9: You will be redirected to your wallet. Confirm the purchase.
Step 10: Once the transaction is completed, you will have bought the NFT successfully.
Selling NFTs on Uniswap
Listing your NFT for sale on Uniswap can place it on multiple marketplaces. Follow this procedure:
Step 1: Go to the Uniswap Web app.
Step 2: Click the wallet icon to connect your wallet and open your NFT portfolio.
Step 3: Choose “View and sell NFTs.”
Step 4: Search and select the NFT you want to sell and choose “List for sale.”
Step 5: When the “Sell” pop-up appears, click “Continue.”
Step 6: Choose the marketplace where you want to list the NFT for sale.
Step 7: Choose the length of time you’d like your NFT to remain available for purchase. You can select hours, days, weeks, or even months.
Step 8: Enter the price you wish to sell the NFT for.
Step 9: Click on “Start listing.”
Step 10: Approve the sale listing in your wallet.
Step 11: Sign the listing for the sale to go live.
Step 12: Done.
How to delist an NFT on Uniswap
If you’ve put up an NFT for sale on Uniswap but have changed your mind and want to remove it before a transaction or expiration date, here’s how you can take it down. Remember, if you’ve also listed it on other platforms, you will need to go through this process separately for each marketplace:
Step 1: Find the NFT you want to delist by opening the Uniswap Web app. Connect your wallet by clicking the wallet icon.
Step 2: To locate your listed NFT for sale, hit “View and sell NFTs” and you’ll be directed to the specific NFT and marketplace.
Step 3: Choose the NFT you want to delist.
Step 4: Scroll to the “Activity” section below the NFTs.
Step 5: Locate the record of your NFT’s sale. This information will reveal the platform where you originally posted your NFT for purchase.
Step 6: Should you have put up your NFT for sale on platforms like NFTX, visit their website first. To remove your NFT from these marketplaces, connect your wallet to the site and then take it down. If you’ve listed it on other sites as well, perform this step there too.
Sweep an NFT collection
When a user buys the entirety of an NFT collection on Uniswap, it means they have purchased either most or all available pieces at the current minimum price for each NFT in that collection. The minimum price is referred to as the “floor price.” To carry out an NFT collection sweep on Uniswap, follow these simple steps:
Step 1: Navigate to the Uniswap Web app and connect your digital wallet.
Step 2: Use the search function by inputting an NFT collection’s name or contract address in the bar for discovery. You can also refine your search by selecting a specific price range, marketplace, or choosing to show only listed NFTs.
Step 3: Choose “Sweep.”
Step 4: With Uniswap, users can carry out a sweep for a specific Ether (ETH) investment, revealing the most affordable listing available within the given collection.
Option 5: Users can also set a fixed amount of ETH for their transaction instead of using gas prices.
Step 6: In the shopping bag, the transaction is examined before you confirm it by hitting the “Pay” button.
Managing NFT portfolios on Uniswap
Starting March 22, 2023, Uniswap introduced Mini Portfolio, a user-friendly method for monitoring and managing your assets on the Uniswap website. With this addition, users can link any wallet to the Uniswap Web app, providing them with an overview of their transactions.
NFT swaps on Uniswap
On a single platform, users have the ability to access and examine token balances and relevant information, as well as monitor swap transactions, price records, and the total value invested (TVL) for each token.
Router programs exchange tokens in preferred platforms like NFT markets or Uniswap at the user’s command. Their role is to secure optimal pricing and minimize gas expenses.
With just a few clicks in their Mini Portfolio, users can buy cryptocurrency using their bank or debit/credit card. For those interested in NFTs, they can easily access their entire collection by clicking on the “NFTs” tab. Each NFT in the collection comes with a detailed page that provides valuable information about that specific item, as well as a comprehensive history of the entire collection, including any pieces that have been listed for sale.
NFT liquidity on Uniswap
Users have the ability to view the status of their liquidity pool tokens by navigating to the “Pools” tab. This area shows all current liquidity pools and allows users to make adjustments to their pool position by selecting any of the pools presented. The Uniswap automated router facilitates finding the most profitable trade route, as the best swap price may be found in multiple liquidity pools.
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2024-04-10 18:59