The Minister Delegate for the Digital Transition expressed the government’s interest in NFTs during a visit. There is even talk of an investment plan.
It seems that the government is interested in NFTs, and that they want to invest in them as well. This was declared by Jean-Noël Barrot, the Minister Delegate for the Digital Transition, during a visit to the NFT Factory in Paris on October 18, 2022.
” France has all the assets to become a European and global NFT platform “, he told AFP. ” We must accompany this movement with the support of public money, within the framework of France 2030 [un plan d’investissement lancé par l’Élysée, ndlr] “.
What is the state going to do with NFTs?
The non fungible tokens, or non-fungible tokens in French, are digital assets registered in a blockchain which make it possible to authenticate any file. They have been made very popular in 2021, and some have sold for record sums – but they are also very controversial and criticized by many. Bill Gates thus believes that NFTs are a scam, operating thanks to “ biggest fool theory “.
So what would the state do in such a controversial sector? It is unclear. The minister’s statement, taken up by AFP, remains extremely vague. We do not know what means the government really wants to invest, nor to which actors it intends to give money. It is also unclear whether the investments would affect a particular type of NFT, such as collectible NFTs or artistic NFTs. In short, everything is blurry.
Emmanuel Macron spoke briefly about NFTs during his campaign for his re-election in April 2022. The president had at the time expressed the wish that “ main cultural establishments develop a NFT policy “, in particular within the framework of the metaverse. Since his statement, nothing had come to confirm the government’s interest in non-fungible tokens, until today. We do not know, however, whether Jean-Noël Barrot and the government want to invest in the NFTs of cultural establishments, or in others.
Times are tough for the NFT market. Token sales have been collapsing for a few months, as have the prices of NFTs put up for auction. The government may be coming after the heyday of NFTs, and it is not sure that its investment plan can change much.