Europe hates Bitcoin, but grabs NFTs to fight counterfeiting

NFTs spared? – The European Union clearly wishes kill Bitcoin and stablecoins with its MiCA Law. However, not all crypto would be tossed around. Indeed, the EU plans to rely on the unique and tamper-proof nature of non-fungible tokens (NFT). This in order to hunt counterfeits.

For once, crypto-assets are not denigrated by the EU

Several elements of the MiCA Law, currently being discussed in the European Parliament, are very worrying, not to say deadly for the cryptosphere. Surprisingly, one of the services of the European Union finds itself very interested by the innovations and technological solutions provided by certain crypto-assets.

This is theEuropean Union Intellectual Property Office (EUIPO). As the reports including, EU “explore” how blockchain technologies could help fight against counterfeiting.

” [L’EUIPO] joined efforts with the tech community to develop a blockchain solution for product authentication to support law enforcement authorities [anti-contrefaçons].

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A blockchain-based NFT system to defeat counterfeiters

Intellectual property rights holders could thus create unique digital tokens. In other words, NFTin order to be able to prove authenticity of their production.

NFTs on the way to becoming a tool to protect against counterfeits from 2023 according to EUIPO’s vision.

However, there does not seem to be a requirement for a single blockchain to take advantage of it. The choice would be left to the intellectual property rights holders. With just a structure of common communication.

“The general idea is guided by the principle of technological neutrality, allowing brand owners to choose their own NFT platform, manufacturers to exploit their existing physical identification technology and logistics operators to use the tracking system and traceability of their choice. The solution will introduce a common language in order (…) to be able to collect and share the data necessary for operations to combat counterfeiting. »

The EUIPO would like to set up this system for monitoring intellectual property via NFT before the end of 2023. This will, however, require bringing all players together in a common registry system until then.

Another interesting fact, the EUIPO would not seek to play it solo. Indeed, the EU service specifies that it wishes to establish a communication and connection protocol with suppliers existing private blockchain track and trace solutions. We can thus think that the Office could solicit crypto projects like VeChain (VET)specialized in the traceability sector, in the implementation of this monitoring by NFT.

NFTs arouse the interest of the European Union! While waiting to protect consumers from counterfeits, you need cryptos. Register now on the PrimeXBT platform (commercial link).

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Europe hates Bitcoin, but grabs NFTs to fight counterfeiting

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