Uniswap NFT volume declines by a great margin, but here’s the catch

• Uniswap witnessed a decline in NFT volume lately.
• This decline affected other areas of the DEX, including the count of unique users and overall transactions.

All eyes were on Uniswap during the launch of their NFT protocol. There was growth observed on multiple fronts due to this launch. However, according to data provided by Dune, it appeared that the hype around Uniswap had started to decline, at press time. 

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Short-lived hype

From the image below it can be observed that the NFT volume on Uniswap declined over the past few days. The daily volume for the NFTs traded on Uniswap went from $246k to $32k since its launch.  The number of daily transactions for the same decreased from 445 to 35, at the time of writing.

This decline in NFT activity has impacted the DEX negatively. According to Messari,’s data, the number of unique users on Uniswap had fallen by 9.7% and the number of overall transactions being made on the DEX had declined by 28.87% in the last seven days.

Furthermore, in the image below, it can be seen that after the spike caused by the NFT launch, the daily active addresses for UNI declined. Along with that, UNI’s transaction count and velocity also took a hit. 

Source: Santiment

Interestingly enough, these indicators did not deter whales from investing in UNI.

According to WhaleStats, an organization dedicated to tracking crypto whales, Uniswap had been amongst the top 10 most purchased tokens by the top 1000 Ethereum whales.

This spike in interest can be credited to the increase in active developers on the Uniswap system. 

The ongoing actions in the NFT space may result in interest being regenerated and it could reflect onto UNI’s positive price action.

Source: token terminal

That said, at the time of writing, UNI was trading at $5.96 and its price had increased by 0.91% over the last 24 hours, according to CoinMarketCap.

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