A popular crypto analyst says that a little-known altcoin might explode soon.
Tyler Swope, a popular crypto influencer and analyst, has revealed that he believes a little-known, very misunderstood altcoin is set to explode higher in the near future as the market now understands its true potential.
In a video, Swope told his 200,000 YouTube subscribers that he is keeping an eye on the NFT20 marketplace and its MUSE governance token, claiming that it’s the Uniswap (UNI) of non-fungible tokens, implying that it is the go-to decentralized marketplace for them.
According to the influencer, NFT20 has “shipped the products” but the market has failed to fully understand what the marketplace is, the same as how the market misunderstood Uniswap’s potential in the platform’s early days. Uniswap, according to Swope, could be an “NFT storefront that is just hiding in plain sight,” but it would need some work to get there.
NFT20 did that work and it is now a permissionless protocol that is letting the users trade, swap, and sell their NFTs. It then lets the users create pools of tokenized NFTs and auctions a bid to increase their liquidity and earn some interest on their tokens. Swope says that the project has the potential to allow capital to flow into the NFT space.
They are a decentralized exchange and protocol for tokenizing NFT projects as the ERC20 tokens to make them tradeable on DEXs like Uniswap or Sushiswap. By making a secondary market of ERC20 derivatives of NFTs, NFT20 hopes to address the liquidity problem in the NFT space.
Swope continued that while the volume in NFT20 as a decentralized exchange remains low, he believed that it may follow in Uniswap’s footsteps, which was low in the first few and exploded eventually. According to him, this will happen as “lower value NFTs will be deposited to these pools, as people will just want to get some monetary for some of the more ‘worthless NFTs’ they hodl.”
He says that this will create an average price per NFT because of arbitrage between many markets. Traders that are taking advantage of arbitrage opportunities will create liquidity and average market prices.
It is worth noting that the Non-fungible tokens are unique because of the data in their smart contracts. An NFT cannot be replicated, nor can two users hold a similar NFT. Uniswap data showed that MUSE is now trading at $75 after moving up around 44% in the past 24 hours.
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