NFTs are causing a stir in various sectors of the traditional economy. However, it is still a completely revolutionary way to generate money. For more detail Visit Official Website
While several countries are seeking legal resources to regulate operations with NFTs, in Dubai, the success of these digital instruments is reaching the same police of the region.
An NFT experience in Dubai
Everyone is immersed in the technological advances of that; there is no doubt what nobody expected was that the security and protection entities of a region or country could adhere to this new concept of digital assets.
Such is the case of the Dubai Police, which is considered the first official government institution to create its digital assets where, through a collection of non-fungible tokens made up of 150 digital works, it represents the main characteristics of the police force.
The badge with which this collection was created is based on representative values of the Dubai Police General Command, such as security, innovation, and communication, three concepts that managed to attract more than 23 million people worldwide.
The creation of these tokens was in charge of the Artificial Intelligence Department of the Dubai Police, which generated great receptivity in Internet users, reaching the number of 7 thousand messages from people who wanted to obtain said NFTs.
Since the collection only had a limited amount of digital assets, they could not satisfy the market’s need to obtain said financial instruments; for this reason, it was possible to contact only 150 people with their respective wallets active and whose information was validated.
In this first edition, the NFTs were granted free of charge, which caused more significant attraction on the part of the followers of this technology; the creation of a second collection is expected, and with it, it reaches more people.
Regulations for the use of collectible
Despite this event that seems to provide further impetus and popularity to the creation of NFTs, we are faced with a completely contradictory scenario that refers to the design of legal instruments that in some way can establish the rules and limitations regarding the transactions that are executed through the use of these digital elements.
Once again, Russia is in charge of the regulation of digital assets; a few months ago, we observed how it was against the use of Bitcoin and began to mobilize efforts to approve the use of cryptocurrencies in the country; this indicates that its relationship with the market digital is quite contradictory.
The use of legislative amendments seems to be the instrument Russia will use to control and supervise the use of non-fungible tokens.
The initiative is given priority by the Ministry of Economic Development of Moscow, where the new modifications to be made to both the Civil Code and the current regulations related to digital financial assets, among which NFTs are described, were discussed.
Russia has previously shown its interest in giving the necessary credit and support to the use and management of Blockchain technology and the NFT platform, only that there are many conflicting interests where the Russian government assumes a position and the country’s central financial entity has no intentions of legalizing cryptocurrencies.
Impact of NFTs on the world economy
Individuals and investors in technology and decentralized finance now have a new concept to consider among their investments; this refers to the fact that NFTs are possibly here to stay and drive the digital asset market.
The various concepts about digital assets are fascinating. Still, the introduction of NFTs may take a little time for many to digest them and see their potential in the short, medium, or perhaps long term.
The main thing is to establish a correct language for the use of the various topics surrounding digital collectibles; this directly influences the scope and application of financial regulations worldwide.
In addition to the United Arab Emirates, a group of countries shows great interest in the use of NFTs, taking as a reference the impact caused by the Dubai Police collectibles, among which the United States, India, Saudi Arabia, and Nigeria stand out.
Conclusion
Cryptocurrencies, the blockchain, the metaverse, and the NFT, are revolutionizing the age of technology; they are taking finances to a much more automated level, which will possibly allow their users to execute digital investments and obtain juicy returns. Enter to Bitcoin-Prime trading system, and you will find what you need.
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