Cryptocurrency trader and analyst Tyler Swope on his Youtube channel ‘Chico Crypto’ posted a video predicting the potential growth of NFT20 and its governance token MUSE.
Swope on his channel with 198K subscribers expressed his opinion that NFT20 will surely be the next big thing, Although the majority of people have not acknowledged this yet, he thinks NFT20 will be the Uniswap for NFT’s.
NFT20 is essentially a permissionless protocol enabling trading, swapping, and sale by its users. The platform also enables users to create tokenized NFT’s and dutch auctions.
“They have shipped the products but the markets just haven’t fully understood what they’re building yet, kind of like uniswap in its early days, which would make sense. Uniswap is an NFT storefront hiding in plain sight. It just needed a little reworking and that what exactly what NFT20 did”.
He addresses the fact that liquidity is low, but it is definitely starting to build. as it is a new space, and it will eventually grow and set its foot in the market. just like uniswap did in its earlier days. He had apparently covered the possibility of Uniswap’s explosion in the market, which definitely turned out to be true. Today uniswap has had the highest trading volumes in the market.
In Swope’s opinion, NFT20 will follow the exact same growth trajectory as Uniswap.
Further explains how it would achieve the growth
“Well at first, lower value NFT’s will be deposited to these pools, as people will just want to get some monetary value for some of the more ‘worthless NFT’s they hodl. Initially, this will create an average price per NFT per project due to arbitrage between NFT markets like OpenSea and Uniswap. It creates the NFT liquidity and average market prices everyone has been waiting for”.
He mentions the tweet of Devin Finzer, The Co-founder of Opensea.
Moving on he speaks about the NFT Proof of Beauty he describes them as
“ freaking cool, unique & very limited for genesis”.
They are essentially art-based on Ethereum transaction hashes where everything about the piece is generated from the transaction. He is keenly interested in owning this particular type of NFT.