What is happening within the French government at the end of 2022? A legitimate question given the many statements that follow each other – and look alike – on the subjects of blockchain technology and cryptocurrencies. With somewhat surprising intentions, seeking to make France a “global hub” in the field. And, at the same time, the Minister Delegate in charge of the digital transition, Jean-Noel Barrotwhich would explain why the government wishes support innovation in the NFT sector. That’s to say ?
Difficult to align with the fairly radical change of direction of the government weather vane with regard to the cryptocurrency market… Oops, sorry: “crypto-assets”. With a kind of double injunction which asks to regulate this digital economy a little more tightlyas part of the MiCA European Bill. But, at the same time, of make France a hub for this innovative sector at the global level.
A dynamic launched at the beginning of the week by a Bruno the Mayor transformed on the subject of cryptocurrencies. Because he succeeded for the very first time in addressing this issue without automatically equating it with terrorism, money laundering or the destruction of the world economy. He is not the only one. Because in the process, it is the Minister Delegate in charge of the digital transition, Jean-Noel Barrotwhich would come from confirm this trend about non-fungible tokens (NFTs). But is this really the case?
NFT – Does France want to support NFTs?
Definitely, the trend has clearly changed within the French government. Because it is the turn of the non-fungible tokens to be offered the favors of one of its members, in charge of the digital transition. In effect, Jean-Noel Barrot just stated that ” France has all the assets to be a European and probably global hub for NFTs. This within the framework of the inauguration of the Paris NFT Factory, dedicated to this technology in all its current forms. Because “Web3 is both a requirement and an opportunity: the one that France and Europe are at the forefront of the new generation of the web. ” An entire program !
” The French government is ready to support the development of NFTs in France, by investing public money in it. With global players in culture, video games and the luxury industry, France has everything it needs to become a European and global NFT platform. We must accompany this movement with the support of public money, within the framework of France 2030. »
However, just over a month ago, the MiCA bill attempted a new regulatory pirouette in order to enter the NFTs in the box of financial securities. And this by simply questioning the non-fungible nature of these tokens, particularly in the context of “large series or collections” such as Bored Ape Yacht Club (BAYC).
So how do you become a “global NFT hub” when the trend is to try to deny the specificity of an innovation to be able to fit it into the box you want? And that none clear legal framework does not exist in the field…
An important question to which “support from public money, within the framework of France 2030” does not provide a sufficient answer. Especially considering that this simply involves allowing projects related to NFTs to participate in innovation competitions “in the context of France 2030”. Nuance is important! Because any project can participate.
Can France become an NFT hub?
Anyway, it should be noted that France, despite the trend of the government so far, has some major players and projects in the field of NFTs. With for example the unicorn Sorare, specializing in fantasy football. Or gaming giant Ubisoft who has just backtracked as part of their ongoing integration, under pressure from his community. But also the luxury industry who sees in this technology a good means of fight against counterfeiting. Not to mention the historic sales records recorded by a contemporary art market boosted by NFTs…
So many use cases for NFTs that should allow Jean-Noël Barrot to calm the “concerns” that he still expresses about this sector. In particular on a lack of clarity about their actual usefulness to which he does not yet seem to have found an answer, even after announcing the possibility of “accompanying this movement with the support of public money”.
All this alongside the inevitable mention ofa carbon footprint spearheaded by opponents of this digital technology. And the reminder of “European metaverse” announced last March by Emmanuel Macron in person, which made the ecosystem laugh more than anything else. In short, we will wait to see the rest of the events before getting carried away…
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NFT – Does France want to support the non-fungible token industry? – CryptoNews
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