How to buy and sell NFTs on Uniswap
Uniswap is a decentralized exchange where users can exchange crypto tokens and non-volatile tokens (NFTs). The Uniswap NFT marketplace has hosted more than 250 million exchanges since its launch in 2018. The Uniswap protocol consists of smart contracts, which are permanent and immutable at the contract level, but can be updated and modified through administrative processes. This facilitated the interoperability of Uniswap and NFT, allowing NFT to be traded on multiple blockchains, Ethereum, BNB Smart Chain and Polygon.
Uniswap uses ERC-721 NFT contracts, which provide a unique ID to identify each NFT. These ERC-721 tokens on Uniswap are immutable and facilitate the exchange and ownership of NFTs.
The protocol contains a set of tools including an NFT aggregator that facilitates the exchange of digital assets such as Ethereum NFTs on Uniswap. This Uniswap NFT Trading Guide explains how users can trade digital assets on Uniswap.
Uniswap's role in NFT exchange
Uniswap has developed software tools running on the Uniswap protocol that facilitate UNFT trading and cryptocurrency exchange. These tools include:
Uniswap App: A mobile app to scan, send, exchange and buy NFTs and cryptocurrencies.Uniswap Website: Works the same as the Uniswap app but on your desktop or laptop.Uniswap NFT Aggregator: An aggregator marketplace that integrates DeFi elements. and NFTs on Uniswap. This tool helps track all listings on major marketplaces and exchanges, helping traders find the best deals.
In the year In November 2022, Uniswap launched new smart contracts aimed at improving security and costs in the platform:
License 2: Allowed to share and manage token approval across multiple applications, improve security, create a unified platform and reduce costs. Universal Router: Integrated with License 2, exchange NFT and ERC-20 in one swap router. This allows users to exchange multiple NFTs and tokens in a single transaction, thereby saving gas fees.
These smart contracts have been widely adopted by the developer ecosystem in Uniswap, contributing to the efficiency and effectiveness of the platform.
Uniswap compiles its list from various marketplaces, including OpenSea, Larva Labs and Foundation, among others. Below is a Uniswap NFT platform tutorial showing how to use Uniswap for NFT transactions.
How to perform NFT transactions on Uniswap
To use Uniswap for NFT transactions, one must go to the Uniswap web app and link their wallet to initiate transactions.
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 link your wallet.
Step 2: Click on the “NFTs” tab and click on the search bar.
Step 3: You can search NFT by name or contract address.
Step 4: After finding the NFT you want, add it to your wallet by clicking “Add to wallet”. Add as many NFTs as you want to your wallet.
Step 5: After selecting the NFT, click on “Pay By”.
Step 6: Choose which ERC-20 token to pay the transaction.
Step 7: Select “Payer”. If the token has a high price impact, you may receive a price impact warning. If you can tolerate the price increase, you can choose to “pay anyway”.
Step 8: Select “Payment”.
Step 9: You will be transferred to your wallet. Confirm the purchase.
Step 10: Once the transaction is completed, you have successfully purchased the NFT.
Selling NFTs on Uniswap
Listing your NFT for sale on Uniswap can place it on multiple marketplaces. Follow this procedure:
Step 1: Go to Uniswap web app.
Step 2: Click on the wallet icon to connect your wallet and open your NFT portfolio.
Step 3: Select “View and Sell NFTs”.
Step 4: Find and select the NFT you want to sell and select “List to Sell”.
Step 5: Click “Continue” when the “Sale” popup appears.
Step 6: Select the marketplace where you want to list your NFT for sale.
Step 7: Choose the duration for which you want to leave the NFT for sale. It can be in hours, days, weeks or months.
Step 8: Enter the price you want to sell the NFT.
Step 9: Click on “Start Listing”.
Step 10: Approve the sale list in your wallet.
Step 11: Directly sign the listing for sale.
Step 12: Done.
How to cancel NFT on Uniswap
If you have listed an NFT for sale but want to cancel before the sale or before the sale expires, follow these steps to cancel from Uniswap. Please note that if you list on multiple marketplaces, you must repeat the process on each marketplace:
Step 1: Find the NFT you want to delete by opening the Uniswap web app. Connect your wallet by clicking the wallet icon.
Step 2: Click “View and Sell NFTs” to find the NFT and the marketplace where you listed it for sale.
Step 3: Select the NFT you want to delete.
Step 4: Scroll down to the “Activity” section below NFTs.
Step 5: Find the listing transaction. NFT will give you detailed information about the marketplace you are listed on.
Step 6: For example, if you list an NFT for sale on the NFTX marketplaces, go to the NFTX website. Connect your wallet to the website and withdraw NFT. Repeat this last step if you list the NFT on other marketplaces.
Wipe the NFT collection
When a user clears an NFT stock, this indicates that they have acquired most or all of the NFT stock at the floor price. The floor price represents the lowest price list of any NFT in the stock. To swipe NFT collection on Uniswap, one needs to follow the following steps.
Step 1: Go to Uniswap web app and link your digital wallet.
Step 2: Use the search bar by entering the NFT stock name or contract address to find it. One can filter NFTs by price range and market place or choose to view only listed NFTs.
Step 3: Select “Sweep”.
Step 4: Uniswap allows individuals to sweep by amount of Ether (ETH), displaying the lowest priced listing in that batch.
Step 5: Alternatively, users have the option to swipe by specifying the total amount of ETH they wish to spend on that transaction.
Step 6: The transaction is reviewed in the shopping bag, and clicking “Pay” completes the transaction.
Managing NFT portfolios on Uniswap
In the year On March 22, 2023, Uniswap launched Mini Portfolio, a new way to view and manage your assets on the Uniswap web app. This feature allows users to connect any wallet to the Uniswap web app, allowing them to monitor their activities.
NFT swaps on Uniswap.
Users can view all token balances and token details on one platform where they can check all swaps, price history and Total Value Locked (TVL).
Swap routers are swapped based on the user's chosen location, such as NFT marketplaces or Uniswap pools. They are tasked with finding the best value while ensuring gas bills are as low as possible.
Users can buy cryptocurrency directly from their mini-portfolio using any bank or debit/credit card. By selecting the “NFTs” tab, you can view their entire NFT collection. Clicking on any item in the collection will provide more details about that particular NFT. The details page provides a comprehensive history of the entire collection, including items for sale.
NFT liquidity on Uniswap
Users can check the status of their Liquid Pool (LP) tokens by clicking on the “Pool” tab. This tab displays all active LP pools and allows users to manage the pool area by selecting the listed pools. UniSwap Auto Router helps you find the right trade line as the most useful swap rates can be found from multiple liquidity pools.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
