Sorare CEO Believes NFTs Should be Regulated Under a New Category
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 t…
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”
Interpretation of the news:
Nicolas Julia, the CEO of Sorare, a non-fungible token (NFT) game company, believes that the NFT market will be regulated in the future. However, he says that Sorare NFT should be regulated under a “new category.” This statement comes at a time when NFTs have become increasingly popular, with artists and investors alike jumping on board the NFT bandwagon.
Julia emphasized that Sorare has been actively cooperating with regulatory agencies in both the United States and Europe to create a framework that is suitable for the new category they are building. He pointed out that their products are not gambling or fantasy sports, but a new category where players truly own their products.
Julia’s statement about a new category is interesting because it seems to suggest that NFTs require their own unique regulations. While NFTs share some similarities with other asset classes, such as art and collectibles, they are still relatively new and untested. The current regulatory landscape is ill-equipped to handle the complexities of the NFT market, which is why Julia sees the need for a new regulatory framework.
Perhaps the most significant statement in Julia’s message is that the French government supports a new category for NFTs. This development could be a game-changer for the NFT market, considering that France is a significant player in the European Union. Julia believes that the new category will be established within the next few months, and he hopes that the United States will follow suit.
In conclusion, Julia is sending a message that Sorare’s NFTs are not just another asset, but a product that deserves a new regulatory category. As the market continues to grow and attract more investors, it is crucial to have clear and comprehensive regulations to protect them from fraudulent activities. With the support of the French government, it is likely that more countries will follow suit in creating a new regulatory framework for NFTs. It remains to be seen whether these new regulations will be effective, but one thing is for sure: the NFT market is here to stay.
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