EU to accept Blockchain and NFTs

Another big institution realizing the value of NFTs and their underlying blockchain technology seems like another day. of European Union Intellectual Property Office (EUIPO) recently announced a new blockchain-based tracking system to combat counterfeiting.

Blockchain for a good reason

According to the official announcement Intellectual property (IP) holders It can create NFTs that validate the goods it manufactures to prevent any counterfeiting. With this new development, a register will be created for IP rights, retailers and logistics operators in the EU.

As IP holders register their products on the system, they can add ex-signatories to ensure consistency across the board. Although this project is already important, the European Union will give a public opinion on this issue through a webinar September 13, 2022.

Following this, the new monitoring system is expected to be fully deployed in 2023 and serve stakeholders in all EU countries. This comes as the EU’s treatment of NFTs as an asset class has weakened over the past few months. Given how ambitious this project is and how wide-ranging its applications will be, it’s safe to say that NFTs are already in the EU’s good books.

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*All investment/funding opinions expressed on NFT Plazas are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should thoroughly research any product before making any investment.

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