Batch buy & list NFTs across all major marketplaces in a single transaction
The NFT marketplace tool Genie is catching lots of attention this week. The platform allows collectors and investors to batch buy and list NFTs across several major marketplaces in a single transaction.
The Ethereum based tool initially launched in August 2021 and caught attention as metaverse and gaming NFTs rose to prominence. Now, Genie is seeing a second wave of interest as NFTs start to break into an entirely new asset class.
Wallets connecting to the Genie platform grew almost 12% in the last seven days, reaching 3,000, while transactions also swelled by more than 14% to 4,700. Giving each transaction an average spend of around $3,200 at writing as collectors utilize the batch buy and sell feature.
What is Genie
Genie is an NFT marketplace aggregator that allows users to batch buy and sell across all major marketplaces in a single transaction. The platform employs several mechanisms to reduce gas consumption, including extensive use of libraries and delegate calls. In addition, the platform shifts any possible logic off-chain when making a transaction. Moreover, the architecture of Genie was designed to help users efficiently batch multiple actions in a single transaction to save on Ethereum gas fees while not charging platform fees. Notably, users will pay marketplace fees on either OpenSea or Rarible and the associated royalty fees, depending on the collection.
The Genie marketplace platform sells the NFTs to liquidity pools on NFTX and NFT20, meaning that if sufficient liquidity is not available, a user may receive a “No Instant Liquidity Found” message. If this message appears under an NFT you own, Genie has no liquidity pool to sell your NFT into instantly. However, don’t worry, as you can still sell it using Genie List. This second service lets users batch list their NFTs for sale across multiple supported marketplaces. At writing, Genie supports OpenSea and Rarible.
Genie supports all NFTs listed on integrated marketplaces, and if an NFT collection is not currently listed, users can paste the collection’s contract address in the search bar. Genie will import and then take 1-2 minutes to index the collection. Additionally, while the number of transactions a user can batch is limitless, Genie recommends users buy a maximum of 20 NFTs in a single swap. Looking at the popular collections is arguably one way to see which NFTs collectors are trying to stock up.
The Genie is out of the lamp
Genie has also set up a complimentary Twitter feed where those interested can follow to see which NFT collections Genie users are purchasing. Selling each one on its own would incur gas fees each time to list and then platform fees on the sale. Using Genie, NFT influencers and collectors can quickly upload an entire collection for sale and, better yet, sell it straight away into one of the NFTX or NFT20 liquidity pools.
Liquidity has always been an issue for NFTs outside the significant blue-chip collections. If there isn’t a demand for an NFT a user is holding, it’s tough to turn that asset back into tangible value. On the other hand, many collections are in high demand, and some holders picked up the NFTs either at mint or early in their life cycle. Meaning they are now potentially sitting on a small fortune if they can sell the NFTs. While more advanced users may see the appeal of selling each on its own for a different value, those looking for a swifter exit may find tools like Genie extremely useful.
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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.
