The NFT Factory, an influential body in the sector, opens in the heart of Paris

The NFT (non-fungible token) community finally has its own dedicated physical space, located in the 4th arrondissement of Paris, right in front of the Pompidou Center, the NFT Factory. The place highlights digital art with the television exhibition of works by artists such as Bipple and his “running of the bull“, Which represents a bull ridden by a huge token stamped with the bitcoin logo, the most famous cryptocurrency, all on walls painted in electric green. “The primary goal will be to democratize NFTs for the general public and demonstrate that they are not just limited to the arts sector, but that this technology can affect all economic sectors”explains John Karp, president and co-founder of the NFT Factory. To this end, “discovery” events for private individuals will be organized from November, such as round tables and debates on regulation and entrepreneurship, as well as training courses.

The popularity of NFTs exploded in 2021, before the numbers dropped dramatically with the collapse of the cryptocurrency market in 2022. Regularly reduced to the arts sector, NFTs are actually a kind of property title that guarantees the uniqueness of a crypto asset. in a blockchain. “From there, the application horizon is much broader”completes John Karp who believes it is logical that the first NFTs developed in the art sector: “It is something that can be seen and that speaks to everyone. The regulatory barrier was also lower than in sectors such as real estate for example ”.

Industrial issues

A total of 128 investors such as Sorare, Ledger, The Sandbox, Allianz Accelerator and Arianee helped finance the NFT Factory, which also wants to be a meeting place for entrepreneurs in the sector.

A space will be dedicated to Factory members whose status is determined by the purchase of a Node, the NFT of the community, sold on the largest trading platform OpenSea at the price of 0.41 ETH, the cryptocurrency of the Ethereum network, which is around to $ 540. “The goal is also to connect as many entrepreneurs as possible with each other to consolidate the ecosystem and make France a leader in this market that is only just beginning”aims Jean-Michel Pailhon, co-founder of the NFT Factory and right-hand man of Ledger’s CEO, Pascal Gauthier.

The institution will also organize dedicated training for start-ups and businesses. “Large companies have shown a very strong interest in training their employees in this sector that they consider strategically industrial for the future”, explains John Karp. In 2023, the NFT Factory also plans to create a “Co-founders investment club” or even a “Support module for the NFT project for start-ups” to bring out many Web3 projects, an Internet that promises to be more decentralized. Once the model is tested, the general manager of the entity Lucie-Éléonore Riveron does not hide his ambition “Export the concept abroad” after.

Present at the inauguration, said the Minister Delegate for Digital Jean-Noël Barrot “France has a lot of resources to be a leader in NFTs with the culture, video game and luxury industry sectors. We already have world-class players in these three sectors ”. He also added that the country “Has the ambition to go around the web3 which will change the internet in a more open and decentralized spirit. We must be at the forefront of this ”. He said the government was even ready to back the NFT sector with “public money”without giving further details.

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