French Government to Support NFT Industry Through Public Funds

French Government to Support NFT Industry Through Public Funds

• Jean-Noël Barrot was at the inauguration of a Parisian gallery built for virtual objects.
• The Minister said France can become a European and global platform for NFTs.
• Barrot also pressed upon the need to create a regulatory outline for NFTs.

Minister Delegate for Digital Economy, Jean-Noël Barrot said that he wanted to support the NFT industry with public funds.

Ce soir à la @NFTFactoryParis nous inaugurons un lieu à la croisée des technologies, de l'entrepreneuriat et de l'art. Le Web3 est à la fois une exigence et une chance : celle que la France et l’Europe soient à l'avant-garde de la nouvelle génération du web. pic.twitter.com/dgS75lz11o

— Jean-Noël Barrot (@jnbarrot) October 18, 2022

On Tuesday, at the inauguration of the NFT Factory, a Parisian gallery built exclusively for virtual objects, Barrot said that the French government intends to accelerate the development of NFTs in the country through the investment of public money.

Barrot remarked:

With global players in culture, video games, and the luxury industry, France has everything it needs to become a European and global platform for NFTs

The Minister then emphasized the need to assist this movement with the help of public money, “within the framework of France 2030″. However, he did not give any further details related to the amount of funds or for that matter any strategies related to the movement.

The French statesman also pressed upon the need to create a regulatory outline for NFTs, for bringing clarity to its legal certainty and identity.

NFT Factory, situated in the heart of Paris will conduct exhibitions and training sessions for virtual objects. John Karp, president of the NFT Factory said that it was the beginning of a revolution and that in 10 years, NFTs will be an integral part of people’s lives.

The adoption of NFTs in countries has already pervaded the traditional arts too. In fact, according to recent data from KPMG, a significant 2% of French people have made investments in NFTs.Amid this, it was only a matter of time before the French Government took up the opportunity like the Japanese government to promote NFTs in an upholding manner.

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