Now NFTs can be traded on Uniswap (UNI) for the first time
The digital art space gets another boost as: NFTs Group has announced the first NFT transaction on Uniswap (UNI).
NFTs and the Uniswap Verse
Non-fungible tokens (NFTs) are now available for open Bitcoin Cycle trading on the decentralised Ethereum-based exchange Uniswap (go to the Ethereum buying guide).
Earlier, NFT development firm NFTs Group revealed that it had launched a USDT NFT pool on the popular DEX.
Uniswap users will now be able to sell or buy NFTs for USDT in a fully decentralised manner. Other cryptocurrency and stablecoin options will soon follow.
Traditionally, NFT owners or prospective buyers have to use an NFT marketplace such as Nifty Gateway to buy or sell NFTs.
These marketplaces are operated and managed by centralised organisations. These organisations often censor the types of NFTs that can appear on the marketplace.
The move is also a first for the Uniswap ecosystem. It comes at a time when DEX is seeing a rapid increase in usage.
More popular than blockchain
NFTs are also at the height of their popularity. Last week, Google searches for „NFT“ outnumbered searches for „cryptocurrency“ and „blockchain“.
In the first weeks of February, searches even surpassed searches for „DeFi“.
The search interest may reflect a broader effect as all sorts of companies and public figures enter the field.
Just a few weeks ago, the world-famous auction house Christie’s auctioned off a 5,000-page collection of NFTs curated over 13 years – for over $69 million. The sum breaks records as the largest amount paid for NFT art in this space.
Christie’s is now being followed by other auction houses from the traditional art sector. Sotheby’s revealed plans to hold an NFT sale featuring works by anonymous digital artist Pak.
Commenting on the decision in an interview with CNBC, Sotheby’s chief executive Charles Stewart said:
„It’s very early days with crypto art in general, but there’s a lot here that’s really exciting and we think it has staying power.“
An NFT-rich future?
Accordingly, it seems reasonable to assume that the NFT art sector could be here to stay. All the developments described above show that companies are expanding the infrastructure of the space.
The entry of established players from the art world not only brings potentially experienced art lovers into the space, but also gives the space a certain credibility – a quality that is essential for its longevity.
Moreover, in the world of decentralised finance (DeFi), decentralisation is everything. With the NFTs Group’s work to bring NFTs to Uniswap, DeFi enthusiasts may now be more tempted to become NFT owners.