Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

XRP -Price confirms Bullish reversing settings with this demand zone

2025-05-19

Cardano’s ICO era ‘Redemption Scandal’ re -diving – will it drag the Rally of Ada?

2025-05-19

Vitaminai and Blocx partner to stimulate security and productivity by bridging Web2 and Web3

2025-05-19
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Vitaminai and Blocx partner to stimulate security and productivity by bridging Web2 and Web3

    2025-05-19

    Sentismai integrates Kyberswap for seamless EVM -Kettingwaps

    2025-05-19

    Alchemie acquires Solana developer Dexterlab for unknown sum

    2025-05-19

    Interlink and Blazpay Partner to improve the user experience in Web3 with AI

    2025-05-19

    Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

    2025-05-19
  • NFT

    Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

    2025-05-19

    The most popular collections of the moment on blockchain

    2025-05-18

    Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

    2025-05-17

    Ethereum is at the top of the charts in weekly NFT sales with $ 44.7 million in sales volume

    2025-05-16

    Founder wallet emptied while he leaves

    2025-05-15
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    XRP -Price confirms Bullish reversing settings with this demand zone

    2025-05-19

    Ethereum – price cannot break through – what does it stop?

    2025-05-19

    Dogecoin (Doge) is struggling to support profit while Meme Coin cools Mania

    2025-05-19

    Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

    2025-05-19

    XRP – Price is struggling to keep the ground – breakdown or breathing break?

    2025-05-19
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-10
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»NFT»It is a total fool’s errand to regulate NFTs now
NFT

It is a total fool’s errand to regulate NFTs now

2023-07-21No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The smart devices and laptops you’re reading this on now would have been considered science fiction 25 years ago.

Because in a relatively short time, technology has taken us from analog telephones to supercomputers that function as communication devices.

The fact that many of us refer to our smart devices as “phones” shows that our understanding of technology and function is surpassed by the technology itself. Your iPhone is so much more than just a phone; in fact, the phone aspect is probably the feature you use the least.

Technical advancement created an environment where intense innovation flourished, eventually giving us cryptocurrency and blockchain. Then came NFTs: a digital token that contains a full history of every transaction it participated in, and can identify or indicate ownership of just about anything, is still a very new concept to wrap our heads around.

NFTs can literally be anything – who’s to say what NFTs might do or look like in 25 years? We can guess, but it may sound like science fiction.

So please, let’s not ban the existence of NFTs until we’ve seen what else they can do.

The trials and regulations of crypto

When you work in crypto, regulation is always important – and for good reason.

Washington, DC is buzzing with debate over proposed crypto regulation in the United States. The European Union has successfully passed its groundbreaking set of regulatory rules for the crypto industry known as Markets in Crypto Assets (MiCA).

With the near-constant regulatory chatter in our industry, one debate that has escalated is whether NFTs are securities or not: and whether they then need some of this regulatory oversight to guide their way.

See also  OnChainMonkey Sells for $100K in One of the Biggest Bitcoin Ordinal Sales

Yes? No? Yes and no?

An NFT is a LeBron James digital collectible that breaks the NBA’s all-time record. An NFT is a car title in California. An NFT is a recording of John Lennon’s first live performance of “Imagine”.

So are NFTs securities that need to be regulated? My answer is that the NFT is just the vehicle; the underlying asset determines whether it is a security. This means that regulators should consider the underlying asset when discussing exactly how to regulate NFTs.

Since NFTs can now be defined in different ways, it is uncertain how they will develop in the future and how regulators will take them into account. If regulators apply the Howey test, which identifies security as an investment contract, they can determine that at least some NFTs fall under the definition.

For example, in the case against Dapper Labs over digital NBA Top Shot memorabilia, the judge ruled that promotional tweets featuring emojis suggested the collectibles would gain value. In this case, it was the suggestion and promotion of investment returns on the company’s Twitter account in promoting these NFTs that turned them into securities rather than just digital trading cards.

Read more in our opinion section: You’re not thinking hard enough about digital art

Regulators eager to jump the gun might see Dapper Labs’ decision as reason enough to take a draconian approach by designating any NFT as a security. But given the virtually limitless applications and the ever-evolving nature of the technology, adopting such a policy would needlessly hinder innovation and slow Web3 adoption.

See also  Britain risks regulating NFTs the wrong way, Mintable CEO says

Given that even regulators and legal experts are sharply divided on what NFTs are, it’s reasonable to be concerned that far-reaching regulation could stifle a multibillion-dollar industry.

Therefore, the exclusion of NFTs from the MiCA crypto regulation of the European Parliament was a wise decision. By applying regulatory oversight that focuses on clarity and consumer protection, NFT technology can continue to grow and develop as a breakthrough technology.

NFTs may turn out to be the best digital tool yet, and we have no idea what they can do years from now.

It is vital that any proposed crypto regulation should give NFT technology the freedom to grow and develop.


George Basiladze is the co-founder and CEO of Wert, a fintech company dedicated to creating products that extend access to fiat payments to NFTs and the Web3 space. A two-time founder of Web3 companies, George previously co-founded the Cryptopay company before starting Wert. Launched in 2013, Cryptopay is one of the oldest Bitcoin wallets available in the UK with over 1.5 million customers worldwide. Under George’s leadership, Cryptopay was one of the first companies to offer prepaid debit cards that allowed customers to spend their crypto anywhere traditional debit cards are accepted, with over 100,000 cards issued. Prior to founding Wert and Cryptopay, George worked as Chief Analyst for NordWest Energy, Corporate Financial Analyst for Evli Bank PLC and Deal Intelligence Analyst for ReDeal AG, where he gained years of experience in the financial and technology industries. Born in Georgia, George is a graduate of the University of Exeter and the Higher School of Economics. George is currently based in Estonia.

See also  Top NFT Projects by Social Activity: Phoenix

Source link

errand fools NFTs regulate total
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

2025-05-19

The most popular collections of the moment on blockchain

2025-05-18

Genius Act votes on May 19: Will the US finally regulate Stablecoins?

2025-05-17

Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

2025-05-17
Add A Comment
Leave A Reply Cancel Reply

Top Posts

How To Explain Blockchain Technology Simply Like Teaching A Child

2023-05-07

Graphlinq and Ice Open Network unite to promote the no-code blockchain innovation

2025-05-02

Ethereum outflows set the stage for a huge price increase at the end of the year

2023-10-08
Editors Picks

Hong Kong regulators warn of rising crypto exchange scams

2024-03-04

Stellar Network Launches First US Public Blockchain Mutual Fund

2023-04-27

Bitcoin: What You Need to Know About BTC’s Race to $50,000

2023-12-06

Like bitcoin [BTC] if it emerges victorious in the midst of the banking crisis, it will reclaim $30,000

2023-04-29
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

XRP -Price confirms Bullish reversing settings with this demand zone

Cardano’s ICO era ‘Redemption Scandal’ re -diving – will it drag the Rally of Ada?

Vitaminai and Blocx partner to stimulate security and productivity by bridging Web2 and Web3

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$104,706.480.19%
  • ethereumEthereum(ETH)$2,486.310.78%
  • tetherTether USDt(USDT)$1.00-0.01%
  • rippleXRP(XRP)$2.37-1.27%
  • binancecoinBNB(BNB)$646.340.35%
  • solanaSolana(SOL)$164.84-3.22%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.222619-2.32%
  • cardanoCardano(ADA)$0.74-1.41%
  • tronTRON(TRX)$0.264815-0.30%
  • suiSui(SUI)$3.75-1.21%
  • chainlinkChainlink(LINK)$15.590.52%
  • avalanche-2Avalanche(AVAX)$22.16-1.38%
  • stellarStellar(XLM)$0.284289-1.63%
  • hyperliquidHyperliquid(HYPE)$25.97-1.36%
  • shiba-inuShiba Inu(SHIB)$0.000014-1.37%
  • hedera-hashgraphHedera(HBAR)$0.190622-0.94%
  • unus-sed-leoUNUS SED LEO(LEO)$8.68-0.54%
  • bitcoin-cashBitcoin Cash(BCH)$388.40-3.05%
  • litecoinLitecoin(LTC)$98.48-0.24%
  • the-open-networkToncoin(TON)$3.00-3.79%
  • polkadotPolkadot(DOT)$4.56-2.60%
  • moneroMonero(XMR)$341.960.43%
  • bitget-tokenBitget Token(BGB)$5.15-0.11%
  • pepePepe(PEPE)$0.000013-1.53%
  • daiDai(DAI)$1.000.00%
  • piPi(PI)$0.72-2.27%
  • ethena-usdeEthena USDe(USDE)$1.00-0.02%
  • uniswapUniswap(UNI)$5.92-1.27%
  • bittensorBittensor(TAO)$403.87-3.56%
  • aaveAave(AAVE)$235.882.56%
  • nearNEAR Protocol(NEAR)$2.74-0.55%
  • aptosAptos(APT)$5.150.96%
  • okbOKB(OKB)$51.97-2.02%
  • ondo-financeOndo(ONDO)$0.92-1.96%
  • ethereum-classicEthereum Classic(ETC)$18.35-0.05%
  • kaspaKaspa(KAS)$0.106131-4.31%
  • internet-computerInternet Computer(ICP)$5.20-0.60%
  • gatechain-tokenGateToken(GT)$21.39-1.02%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.82-1.66%
  • crypto-com-chainCronos(CRO)$0.095484-3.03%
  • mantleMantle(MNT)$0.72-1.48%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.231731-1.45%
  • vechainVeChain(VET)$0.027767-1.21%
  • render-tokenRender(RENDER)$4.53-1.34%
  • usd1World Liberty Financial USD(USD1)$1.00-0.04%
  • ethenaEthena(ENA)$0.364036-3.51%
  • filecoinFilecoin(FIL)$2.860.89%
  • algorandAlgorand(ALGO)$0.220322-0.21%
  • arbitrumArbitrum(ARB)$0.3864480.54%
  • bitcoinBitcoin(BTC)$104,706.480.19%
  • ethereumEthereum(ETH)$2,486.310.78%
  • tetherTether USDt(USDT)$1.00-0.01%
  • rippleXRP(XRP)$2.37-1.27%
  • binancecoinBNB(BNB)$646.340.35%
  • solanaSolana(SOL)$164.84-3.22%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.222619-2.32%
  • cardanoCardano(ADA)$0.74-1.41%
  • tronTRON(TRX)$0.264815-0.30%
  • suiSui(SUI)$3.75-1.21%
  • chainlinkChainlink(LINK)$15.590.52%
  • avalanche-2Avalanche(AVAX)$22.16-1.38%
  • stellarStellar(XLM)$0.284289-1.63%
  • hyperliquidHyperliquid(HYPE)$25.97-1.36%
  • shiba-inuShiba Inu(SHIB)$0.000014-1.37%
  • hedera-hashgraphHedera(HBAR)$0.190622-0.94%
  • unus-sed-leoUNUS SED LEO(LEO)$8.68-0.54%
  • bitcoin-cashBitcoin Cash(BCH)$388.40-3.05%
  • litecoinLitecoin(LTC)$98.48-0.24%
  • the-open-networkToncoin(TON)$3.00-3.79%
  • polkadotPolkadot(DOT)$4.56-2.60%
  • moneroMonero(XMR)$341.960.43%
  • bitget-tokenBitget Token(BGB)$5.15-0.11%
  • pepePepe(PEPE)$0.000013-1.53%
  • daiDai(DAI)$1.000.00%
  • piPi(PI)$0.72-2.27%
  • ethena-usdeEthena USDe(USDE)$1.00-0.02%
  • uniswapUniswap(UNI)$5.92-1.27%
  • bittensorBittensor(TAO)$403.87-3.56%
  • aaveAave(AAVE)$235.882.56%
  • nearNEAR Protocol(NEAR)$2.74-0.55%
  • aptosAptos(APT)$5.150.96%
  • okbOKB(OKB)$51.97-2.02%
  • ondo-financeOndo(ONDO)$0.92-1.96%
  • ethereum-classicEthereum Classic(ETC)$18.35-0.05%
  • kaspaKaspa(KAS)$0.106131-4.31%
  • internet-computerInternet Computer(ICP)$5.20-0.60%
  • gatechain-tokenGateToken(GT)$21.39-1.02%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.82-1.66%
  • crypto-com-chainCronos(CRO)$0.095484-3.03%
  • mantleMantle(MNT)$0.72-1.48%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.231731-1.45%
  • vechainVeChain(VET)$0.027767-1.21%
  • render-tokenRender(RENDER)$4.53-1.34%
  • usd1World Liberty Financial USD(USD1)$1.00-0.04%
  • ethenaEthena(ENA)$0.364036-3.51%
  • filecoinFilecoin(FIL)$2.860.89%
  • algorandAlgorand(ALGO)$0.220322-0.21%
  • arbitrumArbitrum(ARB)$0.3864480.54%