Jean-Noël Barrot: “France has all the assets to become a global hub of the NFT market”

France should not miss the opportunities offered by NFTs and Web3. This is essentially the message delivered by Jean-Noël Barrot, Minister Delegate for Digital, during the inauguration earlier this week of the NFT Factory in Paris. “Under the impetus of the President of the Republic, France wants to take the turn of Web3. We have all the assets to be at the forefront of this revolution”declared in particular the successor of Cédric O.

The minister attached to Bercy believes that we must draw inspiration from what has been done in cryptocurrencies to apply it to DeFi and NFTs, so as to frame the rise of Web3. Jean-Noël Barrot refers in particular to the PACTE law of May 2019, which established in France the status of digital asset service provider (PSAN) and a framework for fundraising through the issuance of tokens (Initial Coin Offering or ICO).

Relying on Crypto Regulation to Regulate Web3 and NFTs

In the eyes of the Minister, this made it possible to “reconcile consumer protection and flexibility to create a framework for innovation in France”. In addition, the government’s Mr. Numérique also welcomed France’s efforts within the framework of the Presidency of the Council of the European Union for the adoption of the MiCA (Markets in Crypto-Assets) regulation, which should come into force force by 2024.

If Jean-Noël Barrot recognizes that “the revolutions before us are sometimes difficult to understand”he estimates that “France has all the assets to become a global hub of the NFT market”noting that the Hexagon is “well positioned in three sectors: culture, video games and the luxury industry”. These words echo those of Emmanuel Macron just before his re-election. “Web3 and the metaverse may represent a new stage of the web as we know it. My desire is for Europe to be a central player, unlike what has happened so far”had thus declared the Head of State to The Big Whalemedia specialized in the Web3.

While he salutes the vitality of the French ecosystem, Jean-Noël Barrot believes that France must support the birth of the sector so as not to find itself once again lagging behind in terms of innovation after having missed the mark in the artificial intelligence, social networks or even streaming. “We have technological players already at work, but we still have, and it is the responsibility of the public authorities, to support this movementsaid the Minister. We need to build a regulatory framework for NFTs which are still unidentified objects at the level of law.”

French flagship of the sector, the unicorn Sorare, which is developing a game blockchain of fantasy soccer generating a lucrative exchange of virtual cards, is notably in the sights of the National Gaming Authority (ANJ), which has issued a warning to the start-up. Consequently, Sorare must demonstrate that it is not a disguised sports betting platform, under penalty of having to request authorization to continue its activities, like a Winamax or a Betclic.

Appropriate legislation could therefore make it possible to put an end to this gray area occupied by emerging Web3 players, but their development could also be hampered by national and European regulations. The balance will therefore be difficult to find on the side of the executive and the National Assembly. “We are going to engage in a certain number of reflections in the coming months to secure the players and open the French market”said the Minister Delegate for Digital.

Pending the arrival of this regulatory framework, the founders of the NFT Factory, which aims to become the French showcase for the sector, do not hide their excitement at the dynamism of the tricolor ecosystem. “There is something incredible happening in France. The general public may not realize it, but we already have Web3 flagships, with The Sandbox, Ledger, Sorare… But we also need mass adoption that comes to support us and connect the NFT players already in square. We are going to help the ecosystem to structure itself”indicates to the Digital Lucie-Éléonore Riveron, general manager of this place which opens its doors to the public this Saturday, October 22, opposite the Pompidou Center, in the heart of Paris.

“The principle of the NFT Factory is that we are building the future. We are here to build something that does not exist”, she adds. For his part, Jean-Michel Pailhon, co-founder of the NFT Factory, assures that “the ambition is to reach 40 million wallets in France, massive use of NFTs, which requires a thorough understanding of the subject”. This bold attitude will certainly please Jean-Noël Barrot, who welcomes the effervescence that currently reigns in the French ecosystem. “We cannot make a technological revolution by fiat or by ordinance. We can only do this with the proliferation of initiatives”he said at the inauguration of the NFT Factory.