Uniswap [UNI]the automated liquidity provider, seems to be the stars in its NFT invasion. About a month ago it announced it had taken over Spirit, the NFT marketplace aggregator. Now it looks like the raid on the NFT foray is no game. This is because it has announced a full NFT integration on the Uniswap protocol with full Sudoswap integration.
The update was made public after Scott Gray, the founder of Genie and now Uniswap NFT product head, tweeted about it.
We are launching NFTs on Uniswap with full @sudoswap support. Pool data is pouring in👇 pic.twitter.com/nsRt9Cp1Ss
— Scott 🦄 (@Scott_eth) July 22, 2022
Dive into the details
While Gray didn’t provide in-depth details of the project, the screenshot he shared revealed that there had been some test trades. In addition, comments under his tweet indicated that investors could be excited about the NFT delve. The possibility of a decentralized NFT platform was the main reason for the excitement.
In addition, questions were flying about whether there would be a change in the UNI governance token. There were no confirmations or refutations at the time of going to press. However, UNI may not have had an unexpected response since the unveiling.
Undisturbed UNION
A likely reaction to this type of news would be a rise. However, that did not happen with UNI. It went into a downtrend at first. According to data from CoinMarketCap, UNI fell below USD 7 to USD 6.58 on July 22. However, it rose again to $7.17 in the early hours of July 23. At the time of writing, the UNI price had fallen to $7.02.
Does this mean that Uiniwap’s NFT involvement is not enough to trigger an uptick or price hike in the community? Well, it may sound too quick to conclude. What signal do other stats give besides the price?
The price dip of 3.96% compared to the previous one had not gone unnoticed. According to Crypto Quant, UNI’s 24-hour volume fell by 14.9%. Still, the current price is 84.65% away from the All-Time High (ATH).
Source: Crypto Quant
However, there are also some positives for UNI. At time of printing, 24-hour Decentralized Exchange (DEX) volume was up 19.65%. The value was $4,647,730. Despite the price drop, Uniswap maintains its position as the leading DEX. Nor has it lost its place after catching up with Ethereum in terms of daily fees generated in June.
While Uniswap continues to engage in NFT, the NFT market has not recovered. Nevertheless, Uniswap’s plan could be to plan to compete for another bullish season. Whether it happens soon or not, investors will wait.
This post Is Uniswap [UNI]’s new NFT component enough to drive it out of bear claws?
was published first on https://ambcrypto.com/is-uniswap-unis-new-nft-component-enough-to-drive-it-out-of-bear-claws/
