The European Parliament will propose NFT-related legislation based on policy recommendations from industry participants, and is expected to vote in early 2023

According to The Block, the European Parliament held a meeting today with NFT and metaverse industry participants to discuss future policy recommendations for the Web3 industry. Industry participants said that regulation should focus on use cases rather than technology. NFT is not an asset class and must be determined on a case-by-case basis. Different uses of blockchain are regulated and innovation must not be stifled along the way. As for the Metaverse, EU institutions are still in the early stages of exploration. The European Parliament will publish a bespoke report on NFTs, urging the European Commission to introduce legislation based on these recommendations. NFT may face stricter regulation, and the proposal is expected to be voted on in early 2023.