Non-fungible tokens are becoming popular within the cryptocurrency space. Their popularity means that more people want to gain exposure to them. A decentralized cryptocurrency exchange has made that available by allowing NFTs to trade on their platform.
Uniswap supports NFT trading
Uniswap revealed that NFT trading is now available on its cryptocurrency exchange. This latest development comes as NFT development company NFTs Group announced that it launched a USDT-NFT pool on the decentralized exchange.
Uniswap users will now be able to buy NFTs in a decentralized manner for the USDT tokens. According to the NFT development company, they are currently working on more cryptocurrency and stablecoin NFTs.
Usually, NFT bidders gain exposure to the assets via marketplaces such as Nifty Gateway. They can buy or sell NFTs via these platforms. The platforms are centralized, and they sometimes censor the types of NFT that can be sold or bought on the platform.
However, with the launch of NFTs on Uniswap, there are no restrictions on the types of NFTs. The NFTs Group tweeted about this, saying, “Congratulations to NFTs successfully launching on Uniswap！ Firstly open (ERC20) USDT-NFTs transaction.”
Regulatory agencies now watching NFTs and DeFi
Decentralized financial platforms and NFTs are becoming extremely popular. As such, innovations within the DeFi and NFT sectors are on the radar of global regulators. The draft guidance published by the Financial Action Task Force (FAFT) revealed that regulatory agencies are now paying more attention to NFTs and DeFi.
According to the financial guidance, NFTs and DeFi present added challenges to the FATF, which is already struggling to incorporate AML regulations into cryptocurrency transactions. Blockchain analytics firm CipherTrace explained in a blog post that NFTs that facilitate money laundering and terrorism financing are tagged as virtual assets by the FATF.
The firm said, “Some non-fungible tokens (NFTs) that may not initially appear to constitute VAs may, in fact, be VAs due to secondary markets that enable the transfer or exchange of value or facilitate money laundering, terrorist financing, and proliferation financing.”
The blockchain and crypto space continues to evolve as people find more use for the blockchain technology. It would be interesting to see how the regulatory agencies would properly regulate the sectors to promote innovation.