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The arrival of Web3 will help revolutionize the emerging technology that has excited investors in the cryptocurrency space for years. While NFTs are a more niche offshoot of blockchain technology in full swing, EU regulatory rules around non-fungible tokens could reportedly make the continent a full-fledged digital asset hub.
Under the legislation, non-fungible tokens will fall under the EU’s newly passed Markets in Crypto Assets (MiCA) law, which has a similar regulatory framework to cryptocurrencies.
This requires NFT projects to launch a white paper before issuing tokens. However, the finer details of the legislation, such as an exemption for NFTs that do not constitute some other form of cryptoasset.
The EU claims that the MiCA proposal would “protect investors and maintain financial stability, while allowing innovation and promoting the attractiveness of the crypto-asset industry.” Given that Europeans remain relatively skeptical of non-fungible tokens, this framework could be a key to building trust and Important stepping stone to consumer acceptance.
Despite the intent behind the implementation Mikathe move was criticized by some cryptocurrency commentators and even the European Commission.
Peter Kerstens, Advisor, Financial Services Technology Innovation Unit, European Commission, claim EU lawmakers “Take a very narrow view of what an NFT is.”
“If a token is issued as a collection or series — even if the issuer may call it an NFT, even though each individual token in the series may be unique — it is not considered an NFT and therefore will apply request,” Kirstens added.
While there are still vocal concerns surrounding the EU’s adoption of NFTs, 2022 has seen a flurry of activity across the continent as countries seek to embrace the technology.
One of the largest hubs built to date is NFT Factory, has been established in Paris.Billed as the “cornerstone of Web3”, the project now has a series of More than 50 key enterprises within a space of 400 meters.
The challenge that Europe accepts.
While the MiCA proposal provides clear insight into the future of NFT regulation, new projects may find it more challenging to win over European consumers.
While NFTs are a positive force in attracting more global consumers to blockchain technology and cryptocurrency services, Europeans remain the most popular when it comes to accepting non-fungible tokens, according to a report published by leading crypto solutions company Ripple. Conservative.
Consumers in Asia Pacific and Latin America were found to be more optimistic about the value of blockchain and NFTs, while the Middle East and North America showed less enthusiasm. However, Europe came in last, failing to show significant interest in the functionality of non-fungible tokens.
Ripple’s findings are Confirmed by Finder A broader survey of consumers was conducted in September 2021. As can be seen from the results, there is an unusually high number of NFT users in the Eastern Hemisphere, with NFT users in countries such as the Philippines, Thailand, Malaysia, Vietnam, and the United Arab Emirates being adopted by both males and females. South American and African countries also appear to rank relatively high.
With only 1% and 3% of British and German women and 4% and 5% of British and German men receiving NFTs, European survey representatives are well below the global average.
“Respondents in Asia Pacific are three times more likely than respondents in other regions to say they would be willing to buy NFTs to mark important occasions,” Noted Ripple’s report. “They are twice as likely to express their willingness to buy an NFT to express their appreciation for an artist, popular character or brand.”
The report also highlights that this “suggests that emotional attachment to creators and/or moments will be a bigger driver of interest in NFTs in Asia Pacific than in the rest of the world.”
The road to consumer confidence.
Despite the general ambivalence surrounding NFTs, 2022 will be a big year for the adoption of non-fungible tokens.In addition to the aforementioned Paris NFT factory, Valencia is preparing to host NFT Europe Exhibitiona two-day Web3 Content Festival from September 17-18.
The event achieves the rather important goal of “Mapping the Metaverse” by forging connections between the continent’s leading blockchain innovators and digital artists.
This cutting-edge event plans to “map the metaverse” by connecting blockchain innovators with world-class immersive digital artists.
“Visitors will have the opportunity to enter virtual reality or participate in collaborative creations with some of today’s most sought-after artists,” Patrick Cyrus explained, Marketing Manager of NFT Show Europe. “They can use custom #NFTSE22 AR filters, experience a metaverse installation, or mint exclusive interactive NFTs. It’s a celebration of today’s latest innovations and home to key future collaborations.”
While the campaign is likely to win consumer acceptance in the form of new collaborations and innovative projects, the more humanitarian and sustainable side of the irreplaceable ecosystem is likely to pave the way for Europeans’ confidence.
It is for this reason that projects like Alokan NFT-based game where players replicate their actions on a piece of land in the Costa Rican jungle – allowing for tree planting and real-world conservation work.
The game’s founders, Maurycy Krzastek and Bartek Lechowski, bought the 750-acre Alóki Sanctuary for $30 million, and operate it with a “play for yourself” philosophy, where players compete to build their own virtual paradise.
It is this sustainability-focused approach, coupled with more trustworthy regulation, that could pave the way for a more confident consumer continent. While Europe is far behind the rest of the world in NFT acceptance, the MiCA proposal may provide the credibility needed to make a difference in irreplaceable adoption.