“freedom in a walletis how Stefan Berger, Member of the European Parliament, describes the non-fungible token (NFT) he is currently selling on Opensea. The NFT represents a pair of shoes”Bergoletten“. The shoes symbolize the first step in every development, says Berger, who has invested efforts to ensure that the next European cryptocurrency legislation gets the support of his colleagues.
A European legislator is auctioning off sandals NFT on Opensea
Stefan Berger, the German member of the European Parliament who has been tasked with facilitating the progress of the European crypto asset market project (Mica), launched a summer initiative to promote tokenization, a phenomenon “as revolutionary for the world as the introduction of the stock market in the 17th century“.
At the end of July, the member of the conservative European People’s Party group urged his Twitter followers to join a auction on the Opensea NFT Marketplace. “My NFT is out now“, Berger announced in a post about the sale, which ends on Monday, August 15. “For me this NFT is a piece of digital freedom in a wallet“, he wrote in the tweet.
Shoes were chosen as motif as every great development begins with a first #step. For me this NFT is a piece of digital #freedom in a wallet. More info here: https://t.co/yphSsayOCn pic.twitter.com/4B5rqP4ShG
— Stefan Berger (@DrStefanBerger) July 30, 2022
The NFT Bergoletten, which he claims to have designed, depicts the photo of a pair of sandals for men, one of which is marked “#bergo” and the other – “rope“. The sandals are the ultimate summer accessory and have been chosen as the NFT motif because every great evolution begins with a first step, the seller Explain on his website:
What was negotiable yesterday is now tokenized on the blockchain. Yesterday you wore sandals at your feet, today you carry them in your wallet – in the form of this NFT.
EU studies treatment of NFTs under MiCA regulations
Stefan Berger’s publicity stunt on NFTs came after a significant move towards passing pan-European cryptocurrency regulation. In early July, the main participants in the Union’s complex legislative process – the Parliament, the Council and the Commission – reached an agreement to implement MiCA across the entire bloc of 27.
Stefan Berger played a role in the decision to drop a controversial proposal to ban the provision of services for currencies based on the algorithm’s power-intensive proof-of-work principle mining of the project. These texts, which would have amounted to an effective ban on crypto-currencies like bitcoin, the mining of which requires a lot of electrical energy, have sparked negative reactions from the continent’s crypto space.
The agreement did not cover NFT’s unless they fall under the “existing crypto-asset categories“, officials in Brussels said at the time. European institutions must now decide whether separate regulations are needed for NFTs. This type of crypto-assets, also called “digital collectibles“, has various applications, including storing digital records on a blockchain and proving the authenticity and ownership of works of art, for example.
According to a recent statement by Peter Kerstens, adviser to the European Commission on technological innovation and cybersecurity policy, European lawmakers “have a very narrow view of what an NFT is.“, he suggested that many NFTs will be treated like other digital currencies.
Speaking at Korea Blockchain Week, Peter Kerstens clarified that if a token is issued as a collection or series, even though the issuer may call it an NFT and each individual token in that series may be unique, European regulators will not consider it a non-fungible token. This means that the requirements applicable to cryptocurrencies will also apply to NFTs.
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