The creation of an in-house nonfungible token (NFT) trading platform by Romania’s National Institute for Research and Development in Informatics (ICI Bucharest) intends to boost Web3 adoption in the nation.
The ICI D|Services institutional NFT platform, which will go online on April 26, intends to connect commercial and public sector organizations and users. The platform’s primary function is to serve as an NFT marketplace, enabling public and institutional users to mint, manage, and trade NFTs.
According to Cointelegraph, they talked with Paul Niculescu-Mizil Gheorghe, the blockchain laboratory coordinator at ICI Bucharest, to learn more about the motivation behind the country’s attempts to embrace Web3-powered technology.
Over the last five years, ICI Bucharest has primarily focused on research and development, but it has shifted its focus to blockchain, Web3, and nonfungible tokens as the space has gained traction around the world.
According to Gheorghe, NFTs have grown in popularity over the years owing to their potential to create unique and scarce digital assets that can be deployed across a wide range of use cases. As a result, they have become significant assets for institutions, leading to the creation of the NFT platform inside ICI Bucharest in late 2021.
Midway by undertaking 2022, the institution started creating and executing the marketplace system’s architecture in collaboration with MultiversX, which is the first strategic project using the blockchain infrastructure provider.
According to MultiversX CEO Beniamin Mincu, the collaboration would also encompass the creation of a decentralized Domain Name System (DNS) and top-level domain (TLD) ecosystem.