Stefan Berger, European Parliament rapporteur on the MiCA crypto law, sells a pair of slides as NFT – Bitcoin News

“Freedom in a wallet” is how MEP Stefan Berger describes the non-fungible token (NFT) he is currently selling on Opensea. The NFT represents a pair of ‘Bergoletten’ slides. The shoes symbolize the first step in every development, says Berger, who has invested efforts to ensure that upcoming European crypto legislation gets the support of his colleagues.

European lawmaker auctions off NFT slides on Opensea

Stefan Berger, the German Member of the European Parliament (MEP) who has been tasked with facilitating progress on the EU’s regulatory package on crypto asset markets (MiCAs), has proposed a summer initiative to promote tokenization, something ” as revolutionary to the world as the introduction of the stock market in the 17th century.

European Parliament rapporteur on MiCA Crypto Act Stefan Berger sells pair of slides as NFTs

At the end of July, the member of the conservative European People’s Party group urged his Twitter followers to participate in an auction on the NFT marketplace Opensea. “My NFT is now out,” Berger announced in a post about the sale that ends Monday, August 15. “To me this NFT is a piece of digital freedom in a wallet,” he wrote in the tweet.

The Bergoletten NFT, which he claims to have designed, features a photo of a pair of men’s slides, one of which is branded “#bergo” and the other – “ropa”. The Bergolettes are the optimal summer gadget and were chosen as the NFT motif because every great development starts with a first step, the seller explains on his website, commits to spending the profits for the promotion of swimming and specifies:

What was tradable yesterday is tokenized on the blockchain today. Yesterday you wore bath shoes on your feet, today you wear them in your wallet – in the form of this NFT.

EU Regulates NFT Processing Under MiCA Regulations

Stefan Berger’s NFT stunt came after a significant push towards the adoption of pan-European crypto regulations. At the beginning of 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 countries.

Berger played a role in the decision to drop a controversial proposal to ban the provisioning of services for coins that rely on the project’s power-hungry proof-of-work (PoW) mining algorithm. The texts, which would have consisted of an effective ban on cryptocurrencies like bitcoin, the minting of which requires a lot of electrical energy, have drawn negative reactions from the mainland’s crypto space.

The deal did not cover NFTs, “unless they fall within existing categories of crypto-assets,” officials in Brussels said at the time. European institutions must now decide whether separate regulations are needed for tokens. These types of crypto assets, also known as “digital collectibles,” have 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, EU lawmakers “have a very narrow view of what an NFT is”. Quoted by Coindesk a few days ago, he hinted that many NFTs would be treated like other digital currencies.

Speaking at Korea Blockchain Week, Kerstens explained 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 to be a non-fungible token. This means that the requirements for cryptocurrencies will also apply to NFTs.

Keywords in this story

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What future do you expect for non-fungible tokens in the European Union? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, Vach cameraman; Stephane Berger

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