Is Uniswap [UNI]its new NFT component enough to drive it out of the bear claws?
Uniswap [UNI]the automated liquidity provider, seems to be reaching for the stars in its NFT invasion. About a month ago, it announced that it had acquired Genius, the NFT marketplace aggregator. Now it seems that the attack on the NFT trial is no joke. This is because it announced a full NFT integration on the Uniswap protocol with full Sudoswap integration.
The update was made public after Genie’s founder and now Uniswap NFT Product Manager, Scott Gray, tweeted about it.
We launch NFTs on Uniswap with full @sudoswap User support. Pool data is flowing in👇 pic.twitter.com/nsRt9Cp1Ss
— Scott 🦄 (@Scott_eth) 22 July 2022
Dive into the details
Although Gray did not provide detailed details about the project, the screenshot he shared revealed that there had been some test transactions. Additionally, comments below his tweet indicated that investors could be excited about the NFT dive. The possibility of a decentralized NFT platform was the main reason for the excitement.
In addition, questions have been floating around about whether there would be a change in UNI’s governance system. At press time there were no confirmations or denials. However, UNI may not have received an unexpected reaction since the revelation.
Undisturbed UNI
A likely reaction to this type of news would be an increase. However, that did not happen with UNI. It was initially in a downward trend. According to data from CoinMarketCapUNI fell below $7 to $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.
So, does this mean that Uiniwap’s NFT engagement is not enough to trigger an increase or price pressure from the community? Well, it might sound too quick to conclude. What signal gives other calculations than the price?
The price drop of 3.96% from the previous one had not gone without further notice. According to Crypto Quant, the 24-hour volume of UNI had a decrease of 14.9%. Still, the current price is 84.65% away from the All-Time High (ATH).
Source: Crypto Quant
However, there are some positives for UNI as well. At press time, 24-hour Decentralized Exchange (DEX) volume increased by 19.65%. The value was $4,647,730. Despite the price drop, Uniswap retains its position as the leading DEX. It has also not lost its place after passing Ethereum in terms of daily generated fees in June.
While Uniswap continues to bet on NFT, the NFT market has not recovered. Nevertheless, planning to engage before another bullish season could be the Uniswap plan. Whether that happens soon or not, investors will wait.
