Crypto analyst Tyler Swope is bullish on a pair of under-the-radar non-fungible token (NFT) projects.
In a new video, Swope says he’s optimistic about the NFT trading protocol NFT20 (MUSE), noting that its 24-hour NTF trading volumes are rising.
The trader speculates that, based on the current NFT hype, the protocol could follow a similar trajectory to Uniswap, which now does around $1 billion in trading volume on most days.
Swope also points out new features that NFT20 has added.
“NFT20 just integrated the swapper, allowing people to go directly from ETH to NFTs in a Uniswap-like style interface.”
Much of the hype surrounding NFTs comes from their versatility. They can represent a wide range of both digital and real-world assets, from virtual land in video games, to artwork and event tickets, allowing all sorts of valuables to be tokenized.
The analyst also remains bullish on Non-Fungible Yearn (NFY), which is a new breed of crypto asset that leverages the hallmark features of NFTs and decentralized finance (DeFi).
The new project uses NFTs to represent the rights to a staked fund and the yields it generates.
Explains Swope,
“[NFY] created yield-bearing NFTs before anyone else. An NFT that has locked liquidity earning yield yet can be transferred from person to person.”
The also analyst speculates – based on certain social media posts – that NFY could soon be forming a partnership with Rarible (RARI), one of the leading NFT marketplaces.
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