NFTs are digital works of art that can sometimes be traded at high prices! Blockchain technology helps ensure the authenticity of an NFT. This market is growing more and more. Where does France stand in this area?
NFT auction banned in France
Pierre Taugourdeau is the Deputy Director of Legal Affairs at the Sales Council. He recently gave an interview on the 20minutes site where he spoke about NFT. He notably commented on the report compiled by Cyril Barthalois, Secretary General of the Academy of Fine Arts on NFTs.
At present, France has not yet taken the turn of the NFT. Whose fault is it ? For Pierre Taugourdeau, it is important to change the French legal framework. Indeed, France has a long tradition of auctions with famous auction houses such as Piasa, Sotheby’s, Artcurial, etc. However, the problem is that the voluntary public auction can only relate to “tangible” goods according to the law. As digital works, NFTs logically do not fall into this category.
At present, the only way to sell an NFT at auction in France is therefore to go through a gallery, which is much more rigid and with less exposure on the internet.
“France is the only country to have such precise regulations on public auctions that protect buyers, thanks to the ethics of auction houses that the Sales Council is responsible for preserving. It’s an old tradition that dates back to Henry II, who didn’t consider NFT, oddly enough. »Pierre Taugourdeau, Deputy Director of Legal Affairs at the Sales Council.
The rising market for NFTs
The NFT market is growing more and more and could become a strategic sector in the years to come. Proof of its success, some cryptocurrencies have entered this niche. This is the case, for example, with Ethereum and Solana.
NFTs affect all areas. It could be a famous singer who sells an extract of his songs, an artist or even sportsmen. Football, for example, is increasingly adopting NFTs. For example, the French company Sorare is now famous around the world for its NFT football cards.
In 2020, it is estimated that over $ 338 million traded in the form of NFTs. Even if this figure is still a drop in the water in the global market (digital and physical), it is expected that NFT transactions will increase by 1000 within 10 years. Suffice to say that it’s time to take the turn of the NFT …
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