The Regulation of NFTs and the Emergence of a New Category

03/04/2023 19:19 • Tech Trends • 93 views

According to reports, Nicolas Julia, CEO of Sorare, a NFT game company, said that the NFT market might be regulated, but Sorare NFT should be regulated under the “new category”. He said: “We have been actively cooperating with all regulatory agencies in the United States and Europe to help establish a framework that may be suitable for the new category we are building. Obviously, it is not a gambling product, nor is it a daily fantasy sports product. This is a new category where you really own your own products, without the concept of betting or losing money. We have received the support of the French government, and they are promoting a new category that is expected to be in the next few months We hope that the United States will follow the new framework.

Sorare CEO: Sorare NFT should be regulated under “new category”

Analysis based on this information:

The rise of NFTs has sparked debates about their regulatory status. Nicolas Julia, the CEO of Sorare, a company that produces NFT games, believes that the NFT market may need regulation but that the NFTs produced by his company should be regulated under a “new category.” Julia mentioned that Sorare has been cooperating with regulatory agencies in the United States and Europe to help develop a framework that is suitable for the new category that they are building. This category is not a gambling product, nor is it a daily fantasy sports product. It is a new category that emphasizes ownership without the concept of betting or losing money.

Sorare’s approach to NFTs represents a divergence from the way in which NFTs are commonly perceived. NFTs have been associated with speculative investments, primarily art, music, and sports collectibles. Many people view them as a way to make quick profits by buying and selling digital assets. However, Sorare’s NFT games are designed to be more than just collectibles. Sorare games allow players to build and manage their teams, trade with other players, and participate in competitions. Players own their digital assets, and these assets have value beyond their speculative worth.

The French government has shown support for this new category of NFTs and is promoting a framework that is expected to be established in the next few months. Julia hopes that the United States will follow suit and adopt a similar framework. Legal frameworks will provide much-needed clarity for companies seeking to incorporate NFTs into their business models. It will also provide players with a sense of security and stability, allowing them to invest time and money into NFT games without fear of legal repercussions or fraudulent practices.

In conclusion, Sorare’s approach to NFT games represents a distinct shift in how NFTs are perceived and used. By focusing on ownership and the relational nature of NFTs, Sorare aims to create a new category of NFTs that can be regulated in a suitable way. Legal frameworks are necessary to ensure that companies can innovate and grow while simultaneously protecting their users’ interests. The emergence of this new category of NFTs and its potential regulation could transform the NFT market and create new opportunities for businesses, users, and investors alike.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/04/the-regulation-of-nfts-and-the-emergence-of-a-new-category/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

The Regulation of NFTs and the Emergence of a New Category

Sorare CEO: Sorare NFT should be regulated under “new category”

Recommended articles

Data: Paxos Treasury destroyed 147 …