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- What – Romania is looking to drive adoption of Web3-powered technologies in the country with the launch of a national non-fungible token (NFT) marketplace.
- Why – The institutional NFT platform, named ICI D|Services, will be launched on April 26th by Romania’s National Institute for Research and Development in Informatics (ICI Bucharest).
- What Next – It aims to create a link between public and private sector institutions and users.
ICI Bucharest has primarily focused on research and development in the past five years, but has recently turned its attention to exploring blockchain, Web3 and non-fungible tokens. Paul Niculescu-Mizil Gheorghe, the coordinator of ICI Bucharest’s blockchain laboratory, said that NFTs have gained significant popularity in recent years due to their ability to create unique and scarce digital assets that can be applied across numerous use cases. This has made them valuable assets for institutions, leading to the proposal of the NFT platform within ICI Bucharest in late 2021.
The platform is designed primarily as an NFT marketplace, allowing public and institutional users to mint, manage, and trade NFTs. ICI Bucharest partnered with blockchain infrastructure provider MultiversX in mid-2022 to develop and implement the marketplace system’s architecture, which is the first strategic project using the provider’s blockchain infrastructure. The partnership also includes the development of a decentralized Domain Name System (DNS) and top-level domain (TLD) ecosystem.
The project is backed by the Romanian government through the secretariat-general as well as the Romanian Ministry of Research, Innovation, and Digitalization, according to Gheorghe. He said that the institute aims to create a bridge between young generations and public institution values, initiating a comfort zone for interactions with the digital space.
The platform will feature five unique NFT collections developed in collaboration with prominent Romanian sportspeople, organizations, and institutions. These include the Romanian Olympic and Sports Committee, 18-year-old 100-meter freestyle swimming world record holder David Popovici, Romanian news agency Agerpres, national philately organization Romfilatelia, and Bucharest’s Central University Library.
Gheorghe believes that the Romanian government’s support for innovative projects like ICI D|Services enhances the country’s economic potential by generating new revenue streams and fostering economic growth as well as a culture of innovation and entrepreneurship.
“Blockchain technology increases the efficiency of institutions, allowing them to approach solid use cases based on digital asset management, transparency, and security in various institutional operations, such as education, health, transport, land registration, and supply chain management,” he said.
MultiversX CEO Beniamin Mincu echoed these sentiments, highlighting the Romanian government’s commitment to embracing technology and fostering new opportunities for user interaction between citizens, businesses, and institutions. The launch of the platform represents Romania’s latest push to drive adoption of Web3-powered technologies and bolster its position in the global digital economy.
As the market for NFTs continues to grow, with some individual NFTs fetching millions of dollars in auctions, the potential for NFTs to drive economic growth is becoming increasingly apparent. The ICI D|Services platform represents a significant step towards mainstream adoption of NFTs in Romania, and its success could inspire other countries to explore the potential of Web3-powered technologies.
While there are still challenges facing the broader adoption of NFTs, including regulatory uncertainty and technical barriers to entry, projects like ICI D|Services demonstrate the potential for NFTs to revolutionize the way we create, own, and trade digital assets. As more institutions and governments explore the potential of Web3-powered technologies, it’s likely that we will see more initiatives like ICI D|Services emerge in the years ahead.
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