A New Project from EU for NFTs

The Intellectual Property Office of European Union announced that it will use the architecture and use of NFTs to cope with the frauds around intellectual properties.

The project is a product of many meetings and many blockchain hackathons and proposes the creation of “digital twins” for every product for better tracing them in the entire supply chain.

The system is expected to work by the end of 2023 and will be included in the MiCA act, that is already discussed in the European Commission.

Similar systems have found major or minor value in different market niches but the institutional placement for this issue and its use will bring more trust in the sector.

This implementation will be done from the private sector so more money will flow towards that.