Buy and Sell NFTs on Uniswap: A Complete Guide. Uniswap is a decentralized platform that allows users to trade NFTs and cryptocurrency tokens. Since its launch in 2018, the Uniswap NFT marketplace has processed more than 250 million swaps. Smart contracts are the building blocks of Uniswap’s protocol. While they cannot be upgraded directly from the contract level, they can be improved and upgraded through governance processes. Because of this, NFT interoperability and Uniswap have been made available, allowing for the trading of NFTs on many blockchains, such as Polygon, Ethereum, and BNB Smart Chain.
To uniquely identify each NFT, Uniswap makes use of ERC-721 NFT contracts. Nonfungible tokens (ERC-721) on Uniswap allow for the trading of NFTs and the maintenance of ownership records. Uniswap makes trading digital assets like Ethereum NFTs easy as part of the protocol’s range of tools. In this Uniswap NFT trading guide, we’ll look at how users can trade digital assets on the platform.
Uniswap’s Role in NFT Exchange
Uniswap has developed a suite of software tools that operate on the Uniswap protocol, facilitating UNFT trading and cryptocurrency swapping. These tools include:
- 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, assisting traders to find the best deals.
In November 2022, Uniswap launched a new set of smart contracts aimed at enhancing security and optimizing costs within the platform:
- Permit 2: Allowed sharing and managing 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, saving gas fees.
The developer ecosystems on Uniswap embraced these smart contracts, which improved the platform’s performance. Many other marketplaces contribute to Uniswap’s listings, such as OpenSea, Larva Labs, and Foundation. The tutorial below shows an example of an NFT transaction on the Uniswap platform.
Making NFT Transactions on Uniswap
To use Uniswap for NFT transactions, one must go to the Uniswap web app and connect 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 connect your wallet.
Step 2: Click the “NFTs” tab and click the search bar.
Step 3: Search for an NFT by name or contract address.
Step 4: After you find the NFT you’re looking for, add it to your bag by clicking “Add to bag.” Add as many NFTs as you want to your bag.
Step 5: Once you select the NFTs, click “Pay with.”
Step 6: Choose which ERC-20 token to pay the transaction.
Step 7: Select “Pay with.” If the token has a high price impact, you may receive a price impact warning. You may choose “Pay anyway” if you tolerate the price hit.
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: Select the duration to leave the NFT up for sale. It could be in hours, days, weeks or months.
Step 8: Enter the price you wish to sell the NFT.
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
![](https://staricrypto.com/wp-content/uploads/2024/04/Pros-and-Cons-of-1.jpg)
You can delist an NFT from Uniswap by following these procedures if you don’t want it listed before the sale or its expiration date. Just a reminder: if you posted it on multiple marketplaces, you’ll need to do it all over again:
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: Click “View and sell NFTs” to find the NFT and the marketplace where you listed it for sale.
Step 3: Choose the NFT you want to delist.
Step 4: Scroll to the “Activity” section below the NFTs.
Step 5: Find the listing transaction. It will give you the details of the marketplace where you listed the NFT.
Step 6: If, for example, you listed the NFT for sale on the NFTX marketplaces, go to the NFTX website. Connect your wallet to the website and delist the NFT. Repeat this last step if you have listed the NFT on other marketplaces.
Sweep an NFT collection
A user has swept an NFT collection if they have purchased all or most of the pieces at the floor price. Simply put, the floor price is the lowest listed price for every NFT in the collection. As a user of Uniswap, you can sweep an NFT collection by following these steps:
Step 1: Navigate to the Uniswap Web app and connect your digital wallet.
Step 2: Utilize the search bar by entering the NFT collection’s name or contract address to locate it. It’s possible to filter NFTs by price range and marketplace or view only the listed NFTs.
Step 3: Choose “Sweep.”
Step 4: Uniswap enables individuals to perform a sweep by Ether (ETH) amount, showcasing the lowest-priced listing within that collection.
Step 5: Alternatively, users can sweep 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
Mini Portfolio, an updated asset management feature for the Uniswap web app, was released on March 22, 2023. Users may now monitor their spending by connecting any wallet to the Uniswap web app.
NFT swaps on Uniswap
One platform allows users to see all token balances and data and search for all swaps, price history, and total value locked (TVL). For example, Uniswap pools and NFT marketplaces are two examples of user-selected venues that swap routers employ to perform swaps. Their responsibility is to keep the gas fees as low as possible while obtaining the most outstanding pricing.
With any bank or debit/credit card, users can buy cryptocurrencies straight from their Mini Portfolio. They may see their NFTs by going to the “NFTs” tab. To learn more about a particular NFT, click on it within the collection. All of the collection’s history, including sold items, is detailed on the information page.
NFT liquidity on Uniswap
Selecting the “Pools” option allows users to view the current state of their liquidity pool (LP) tokens. Choosing a pool from the list will enable users to modify their pool position, and this tab shows all active LP pools. With Uniswap’s auto-router, you can identify the best trading path by comparing swap prices from multiple liquidity pools.