The European Union will adopt Blockchain and NFT- NFT Plaza
It seems like it’s another day, another major institution recognizing the value of NFTs and their underlying blockchain technology. The European Union Intellectual Property Office (EUIPO) recently announced a new blockchain-based tracking system that will be used to fight fraud.
Blockchain for a good reason
According to the official announcement, Intellectual Property (IP) holder NFTs can be created which will authenticate their products to prevent any incidents of fraud. With this new development, a registry will be designed that will cater to holders of IP rights, retailers and logistics operators in the EU.
As IP holders onboard their products into the system, they can also add previous signatories to ensure consistency across the board. Although the project is already significant, the EU will take public views on the matter through a webinar September 13, 2022.
Following this, the new tracking system is expected to be fully operational by 2023 and will serve stakeholders in all EU states. The EU has been fine-tuning the treatment of NFTs as an asset class over the past few months. Given how ambitious this project is and how broad its application will be, it’s safe to say that NFTs have a place in the EU’s good books.
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*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.
Tokoni Ooty has written extensively on blockchain and cryptocurrency over the years. His work has appeared on sites such as BTCmanager and Blockchain Reporter. He has a degree in Corporate Communication.
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