Sorare CEO: Sorare NFT should be regulated under \”new category\”

According to reports, Nicolas Julia, CEO of Sorare, a NFT game company, said that the NFT market might be regulated, but Sorare NFT should be regulated under the \”new category\”. He said: \”We have been actively cooperating with all regulatory agencies in the United States and Europe to help establish a framework that may be suitable for the new category we are building. Obviously, it is not a gambling product, nor is it a daily fantasy sports product. This is a new category where you really own your own products, without the concept of betting or losing money. We have received the support of the French government, and they are promoting a new category that is expected to be in the next few months We hope that the United States will follow the new framework.

Interpretation of this information:

The message above pertains to the current state of the Non-fungible tiles (NFT) market and its potential regulation. Nicolas Julia, the CEO of Sorare, a leaderboard fantasy football game playable through blockchain technology, expressed his views on the possible steps towards regulating NFTs.

According to Julia, the NFT market may eventually face regulation, but he emphasized that his company’s Sorare NFT should be put under a “new category”. Sorare has been working closely with regulatory agencies both in the US and Europe to create a framework that suits his company’s business model. He went on to clarify that Sorare NFT is not a form of gambling, and it is not a daily fantasy sports product. This innovative new category that they have created allows users to own their own products, without the concept of betting or losing money.

Furthermore, the French government has been supportive of this new category and is promoting the creation of a framework for it, which is expected to be completed in the next few months. Nicolas Julia welcomes the opportunity to work with the US government to establish a new regulatory framework that will recognize Sorare NFTs as a unique entity.

The emergence of NFTs has presented regulators with a new challenge. While it has the potential to transform traditional business models and create new investment opportunities, the lack of regulation presents risks associated with its potential misuse. There is a need to ensure that NFTs are properly taxed, their ownership rights are upheld, and the items being sold are not counterfeit.

The importance of regulating NFTs cannot be overstated, as it can create increased trust in the market, prevent financial crimes, and enhance transparency. Nicolas Julia’s comments suggest that the current regulatory infrastructure may not be suitable for this new category, and that governments need to work closely with NFT creators to establish a new regulatory framework that works for this unique entity.

In conclusion, Sorare’s CEO’s statements represent a forward-looking approach to regulating NFTs, recognizing the innovation that NFTs bring to the market, and the need to safeguard users. A collaborative approach between NFT creators and regulators is critical, to ensure the market is well-regulated, and users can transact safely on this burgeoning new technology.