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 Center Pompidou, the NFT Factory. The site highlights digital art with televised exhibitions of works by artists such as Bipple and his “bull run“, representing a bull ridden by a large sign stamped with the logo of bitcoin, the most famous cryptocurrency, all on walls painted electric green. “The main objective will be to democratize NFTs for the general public and show that they are not just limited to the art sector, but that this technology can affect all economic sectors.”, explains John Karp, president and co-founder of the NFT Factory. For this purpose, “discovery” events will be organized for individuals, such as round tables and debates on regulation and entrepreneurship from November as well as training cycles.

The popularity of NFTs exploded in 2021, before numbers plummeted with the crypto market crash in 2022. Regularly reduced in the art sector, NFTs are actually a type of property deed guaranteeing the uniqueness of a cryptoasset on a blockchain. “From here, the horizon of applications is much wider”adds John Karp who considers it 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 for sectors such as real estate for example.”

Industrial matters

A total of 128 investors such as Sorare, Ledger, The Sandbox, Allianz Accelerator and Arianee have stepped in to fund the NFT Factory, which is also intended to be a gathering 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 community’s NFT, sold on the largest trading platform OpenSea at the price of 0.41 ETH, the cryptocurrency of the Ethereum network, which is about 540 dollars. “The aim is also to connect as many entrepreneurs as possible with each other to consolidate the ecosystem and make France a leader in this nascent market.”targets Jean-Michel Pailhon, co-founder of the NFT Factory and right-hand man of Ledger CEO Pascal Gauthier.

The entity will also organize dedicated trainings for start-ups and businesses. “Big companies have shown a very strong interest in the education of their employees in this sector which they consider as industrial strategy for the future”., explains John Karp. In 2023, the NFT Factory also plans to set up a “Co-Founders’ Investment Club” or even a “NFT Project Support Module for Beginners” to launch many Web3 projects, an Internet that promises to be more decentralized. After the model has been tested, the general manager of the entity Lucie-Éléonore Riveron does not hide her ambition “To export the concept abroad” afterwards.

Present at the inauguration, this was stated by the minister delegated for Digital Jean-Noël Barrot “France has many assets to be a leader in NFT with the sectors of culture, video games and the luxury industry. We already have world-class players in these three sectors.” He also added that the country “he has stupid ambitions internet queue3 which will modify the Internet in a more open and decentralized spirit. We must be at the forefront of it.” He claimed that the government was even willing to support the NFT sector “public money”without giving more details.

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