There is a lot of buzz about Genie. But, most of us are not aware of it. As soon as Genie was launched in 2021’s August as a tool formulated on Ethereum, it started to catch attention because the prominence of gaming and metaverse was rising to prominence. More people are taking an interest in Genie because NFT is leveling up.
The Genie platform, along with its transactions, is rising with each new day. However, the obvious reason behind this is its features. Let us find everything about Genie in this article.
Genie — What is it?
Genie is nothing but an aggregator of NFT marketplace development. Genie lets all the users batch purchase and sell over most of the renowned marketplaces in one transaction. It puts multiple mechanisms to use for reducing gas consumption, delegate calls, and extensive library utility.
Additionally, any possible off-chain logic is shifted by this platform when transacting. Genie’s architecture was designed for helping the users effectively batch multiple actions in one transaction for saving on the Ethereum gas fees without charging any platform fees. Based on the collection, the users will have to pay their marketplace fees either on Rarible or OpenSeas, and the related royalty fees.
NFT development is at its peak. The NFTs are sold by the Genie marketplace platform on NFT20 and NFTX to the liquidity pools. This means if the available liquidity is insufficient, the “No Instant Liquidity Found” error might be encountered by the user. If you are encountering this message under your owned NFT, there is no liquidity pool for Genie to sell the NFT instantly.
However, there is nothing to worry about because by making use of the Genie list, it can be sold. This service allows the users to batch list the NFTs for sale over several supported marketplaces. Rarible and OpenSea are supported by Genie.
All the listed NFTs on the integrated marketplaces are supported by Genie. In case an NFT collection isn’t listed currently, the contract address of the collection can be pasted by the users into the search bar. It will be imported by Genie no sooner and may take a couple of minutes for indexing the collection.
Moreover, the maximum transaction that can be batched by a user is limitless. But it is recommended by Genie and an NFT marketplace development company to purchase 20NFTs at maximum in one swap. By taking a look at the renowned collection, you can easily see the NFTS collections that are putting effort into stocking up.
The power of Genie:
A complimentary Twitter feed is being set up by Genie. So, if you are interested, you may follow it to see which NFT collections are being purchased by the users of Genie. Selling each one will bear platform fees during sale and gas fees every time for a listing.
By making use of Genie, the NFT collectors and influencers can upload a total collection quickly for sale. The best part is that it can be straightaway sold into an NFT20 or NFTX liquidity pool. If you are in a dilemma, you can get in touch with an NFT marketplace service provider to get a better insight.
When it is about the blue-chip collections, there always has been an issue about liquidity for the outside NFTs. If demand is not there for an NFT possessed by a user, it is hard to turn the particular asset back into a tangible value.
However, on the contrasting side, several collections are highly demanded, and some holders selected up the NFTs either in mint condition or in the early life cycle. This means, at present, they are residing on a little fortune if they can sell their NFTs. Many advanced users may look upon selling on its own in exchange for a separate value. But also, some people find Genie very useful.
What is GenieSwap?
The best thing about GenieSwap is that:
- You can have access to most of the NFT marketplaces on one platform.
- In one transaction, you get the capability to batch purchase and sell NFT.
- By batch purchasing and selling, you can save on Gas fees.
- When it comes to trading, it facilitates more effective routing.
GenieSwap is a game-changing innovation because it helps the collectors in saving the hustles and bustles of purchasing every NFT individually and potentially contributing to saving tons of bucks on the gas fees.
What is GenieList?
It somehow is similar to GenieSwap. However, in place of purchasing NFTs in huge amounts, GenieList lets the users’ list NFTs to sell in batches. The users can list several NFTs on a single or more than one marketplace simultaneously.
Via Meta Listing, the listing exposure can be maximized by the sellers. One of the groundbreaking features is Meta Listing. It facilitates batch listing over several marketplaces. It significantly enhances the listing exposure, and this, in turn, contributes to faster sales. Besides, the NFT marketplace development services are always there to assist you with GenieList.
Genie possesses a high trading volume:
Wave Financial’s NFT arm made the very first big purchase on Genie. It swept the floor and possessed a valuation of nearly about US$1 million.
Genie is considerably a new NFT marketplace, but it has received a loyal user base. At present, it is in the list of top five marketplaces when it comes to trading volume. But several competitors are also coming into the field, and as a result, the transaction volume has dropped a bit.
It was announced by the project team of this NFT marketplace development platform that there are going to be several marketplace integrations, and this will ultimately expand for including other market services because it is not just limited to being an NFT aggregator.
The marketplace aggregators surely will be a primary theme, with more marketplaces jumping up to competing for the piece of cake.
Four different digital wallets are being supported by Genie at present: WalletLink, Fortmatic, WalletConnect, and Metamask.
Conclusion:
2021 was a great year for the NFTs because the sales rose dramatically, with more than 28 million active wallets that traded NFTs. With the booming of NFT sakes, the NFT ecosystem is fragmented, with several marketplaces across the place.
More marketplaces will be launched in the future, and there is already a high demand for an NFT aggregator that lets the collectors trade over multiple marketplaces. Besides, the use of Genie will increase, and it will come up with several other products and features in the upcoming days.
