This week, metaverse and NFT industry leaders had a meeting with the European Parliament to discuss future policy recommendations for the Web 3 sector. on the regulation of technology. For players in the Web3 industry, the priority is elsewhere. EU lawmakers would benefit more from focusing on use cases.
Experts fear strict NFT regulations in 2023
Start of the week, industry elite NFT and metaverse made an appointment with the European elected representatives. The meeting focused on the recommendations of the future policy to be adopted by the European Parliament to regulate the sector. Fearing a deformation of the NFT concept and approximations in its understanding, the NFT expert wanted to clarify a lot of things.
They fear that European lawmakers will consider NFTs as asset classes. To convince elected officials headed by the MEP Stefan Berger, they took many illustrations. They showed several different use cases for non-fungible tokens. The examples related to real estate acquisitions and even in the trade framework.
Generally speaking, Web3 experts want European lawmakers to learn more about how NFTs work before taking action. They also believe that the non-fungible tokens are a huge universe. Therefore, regulation should be done on a case-by-case basis. Markus Infanger of Ripple insists on the immensity of the task, he refuses a botched regulation. The new legislation will have to take time before coming out, he illustrates his remarks in this sense “ We are in the early days and we are not even scratching the surface”. To drive the point home, they used the analogy that: “a football trading card was not the same as a Tesla stock”. Thus, they should not be classified in the same legal framework.
Metaverse and NFT experts know that the orientation of the future regulations will impact in one way or another the new economic sphere. As a reminder, so far the MICA completely excludes NFTs.
Conclusion
Ultimately, this workshop will have enabled elected officials to learn a little more about how NFTs work. The elected officials present reassured the experts by promising to transform the lessons of the workshops into a parliamentary discussion.
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