The automated liquidity provider Uniswap seems to reach the stars with its non-fungible token invasion. The protocol revealed acquiring the NFT market aggregator Genie nearly a month ago. Now, it appears the move into the NFT is a serious one. That is because it declared a complete NFT integration on Uniswap’s protocol upon Sudoswap integration. The update went public after Scot Gray, Genie’s founder and the new UNI NFT head, posted on Twitter.
Though Gray did not disclose much about the project, his screenshot reveals some test transactions happened. Moreover, comments under the tweet indicated possible excitement by investors on the NFT explore. Meanwhile, the probability of a decentralized non-fungible token protocol triggered the excitement.
Furthermore, questions have lingered about whether the move could mean changes for the governance token, UNI. There were no rebuttals or confirmations during this publication. Nevertheless, UNI might haven’t witnessed unexpected reactions following the revelation.
The Composed UNI
A possible response to such news would be upticks. Nevertheless, that was not the case with UNI. The altcoin first reacted with a downside trend. Coinmarketcap data shows UNI dropped from $& to beyond $6.58 on July 22. Nevertheless, it resurged to $7.17 in early July 23. While publishing this blog, UNI has retraced to $7.02.
Does that mean the NFT foray isn’t enough to catalyze uptrends for UNI? It may be too early to conclude. Besides the price, what are other metrics suggesting? The previous 3.96% dip in prices hadn’t gone without other notices. Crypto Quant data shows Uniswap’s daily volume decreased by 14.9%. Still, the alternative token stays 84.65% lower from its ATH.
However, UNI isn’t without positive updates. While publishing this content, 24hr DEX (Decentralized Exchange) volume surged by 19.65% to $4.647,730. Uniswap remains the top DEX, regardless of the price drop. Also, it’s yet to lose its position after surpassing Ethereum in daily generated fees during June sessions.
As Uniswap continues to dip into NFTs, the non-fungible token market is yet to recover. Nevertheless, the protocol might want to join before the next bull cycle. Whether soon or not, market players will keep waiting.
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