The digital art space gets another boost as NFTs Group reveals the first NFT transaction on Uniswap (UNI).
NFTs And the Uniswap-verse
Non-fungible tokens (NFTs) are now available for open trading on the decentralized exchange (DEX) Uniswap (UNI).
The news comes as NFT development company NFTs Group revealed it launched a USDT-NFT pool on the popular DEX earlier today.
Uniswap users will now be able to sell or buy NFTs in a fully decentralized way for USDT. More cryptocurrency and stablecoin options will come soon.
Traditionally, NFT owners or bidding purchasers have to use an NFT marketplace like Nifty Gateway in order to buy or sell NFTs.
These marketplaces are run and managed by centralized organizations. Those organizations often censor the types of NFT that can appear in the marketplace.
The move is also a first for the Uniswap ecosystem. It comes at a time when the DEX is seeing a rapid surge in use.
More Popular Than Blockchain
NFTs are also at the height of their popularity. Last week, BeInCrypto reported that Google searches for “NFT” overtook searches for both “cryptocurrency” and “blockchain” in number.
Indeed, those searches were consistently growing in volume throughout
February, even outnumbering those for “DeFi” in the first few weeks of February.
The search interest might be reflective of a wider bandwagon-effect as all manner of companies and public figures enter the space.
Just weeks ago, the world-famous auction house Christie’s auctioned a 5,000-strong collection of NFTs curated over 13 years for over $69 million. The figure breaks records as the largest amount paid of NFT-art in the space.
Christie’s is now being followed by other auction houses from the traditional art space. Sotheby’s revealed its plans to host an NFT sale with works from anonymous digital artist Pak.
Commenting on the decision, Sotheby’s Chief Executive Officer, Charles Stewart, said in an interview with CNBC:
“It’s still very early with crypto art in general, but there’s a lot here that’s really exciting and we think has staying power.”
Charles Stewart – Chief Executive Officer – Sotheby’s
An NFT-Filled Future?
Accordingly, it is easy to suggest that the NFT-art space might be here to stay. All of the developments described above show companies building the space’s infrastructure.
The entry of established players in the art world not only potentially brings seasoned art enthusiasts into the space, but gives the space some credibility, a trait integral to its longevity.
Moreover, in the decentralized fincance (DeFi) world, decentralization is everything. With the work by NFTs Group to bring NFTs to Uniswap, DeFi enthusiasts may now be more tempted to become NFT owners.
And of course, with more and more high-profile NFTs launching every day, such as Elon Musk’s latest song, the star effect will continue to bring in the masses.
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