Home NFt’s Romania Launches In-house NFT Trading Marketplace

Romania Launches In-house NFT Trading Marketplace

  • ICI Bucharest proposed the NFT platform in late 2021.
  • The collaboration will also include the creation of a distributed DNS and TLD ecosystem.

The Romanian National Institute for Research and Development in Informatics (ICI Bucharest) is launching an internal non-fungible token (NFT) trading platform to promote Web3 adoption in the nation.

On April 26, the ICI D|Services institutional NFT platform, which intends to connect commercial and public sector organizations with users, will launch. The primary function of the platform is as a market for NFTs, where both individual and institutional users may create, store, and exchange these digital tokens.

Dr. Paul Niculescu-Mizil Gheorghe, coordinator of the ICI Bucharest blockchain laboratory has shed some light on the development.

NFT’s Rise to Prominence

Over the last five years, ICI Bucharest has mostly concentrated on R&D; but, as blockchain, Web3, and non-fungible tokens acquire worldwide interest, the center has altered its emphasis to researching these areas.

According to Gheorghe, NFTs’ recent rise to prominence may be attributed to their potential to generate rare and one-of-a-kind digital assets with broad applicability. As a result, they have become significant assets for institutions, prompting ICI Bucharest to propose the NFT platform in late 2021.

The institution’s first major use of the blockchain infrastructure provider was in the middle of 2022 when it started working with MultiversX to design and build the architecture of the marketplace system. According to MultiversX CEO Beniamin Mincu, the collaboration will also include the creation of a distributed DNS and TLD ecosystem.

The initiative has the support of the Romanian government, according to Gheorghe, who has a PhD in Blockchain Technology and Industrial Engineering. This support comes from the Secretariat-General and the Ministry of Research, Innovation, and Digitalization.

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