Swarm Markets Plans To Launch NFTs Representing Physical Gold Ownership

According to Odaily, Swarm Markets, a platform based in Berlin, is planning to launch Non-Fungible Tokens (NFTs) that represent ownership of physical gold. The gold bars backing these tokenized assets will be stored in Brink's vault in London. After users complete the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, they will be able to exchange NFTs in a peer-to-peer manner through Swarm's decentralized Over-The-Counter (dOTC) platform. Swarm Markets has stated that its tokenized gold will not face the upcoming regulatory scrutiny from the Markets in Crypto Assets (MiCA) because, according to the official text of MiCA, 'this regulation should not apply to unique and irreplaceable crypto assets, including digital art and collectibles.' This suggests that Swarm's gold-backed NFTs will be exempt from such regulations due to their unique and non-replaceable nature.