Romania’s ICI Bucharest Launches NFT Trading Platform for Web3 Adoption

Romania’s National Institute for Research and Development in Informatics (ICI Bucharest) has set its sights on driving Web3 adoption in the country with the launch of its very own institutional NFT trading platform, ICI D|Services. This platform is set to go live on April 26, and aims to bridge the gap between private and public sector institutions and users through its NFT marketplace. Public and institutional users can now create, manage and trade their own unique NFTs on this platform.

For the past five years, ICI Bucharest has focused mainly on research and development. However, the growing interest and popularity of blockchain, Web3 and nonfungible tokens worldwide have prompted the institute to explore this area. According to Dr. Mihnea Gheorghe, Director General of ICI Bucharest, NFTs have gained significant traction in recent years due to their ability to create unique and scarce digital assets, which can be applied to numerous use cases. This has made them valuable assets for institutions, leading to the proposal of the NFT platform within ICI Bucharest in late 2021.

As a result, ICI Bucharest began developing and implementing the marketplace system’s architecture in partnership with MultiversX in mid-2022. This strategic project marks the first time the institution is working with the blockchain infrastructure provider.

By launching ICI D|Services, ICI Bucharest aims to support Web3 adoption in Romania and enable the country to embrace the opportunities offered by blockchain technology. The platform also seeks to create a link between institutions and users, promoting the growth of the NFT market and blockchain-based solutions in the region.

With ICI Bucharest’s new institutional NFT platform, Romania can expect to see a rise in interest and adoption of Web3 and blockchain technology. By providing a secure and reliable platform for NFT trading, ICI Bucharest is helping to pave the way for a more decentralized future.


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Major European music festival will allow fans to buy tickets using EGLD

The Untold Festival, scheduled to be held in Romania next month, has partnered with the Elrond Network to allow concert goers to pay for their tickets in cryptocurrency.

In a Tuesday announcement, Untold said that tickets for its 2021 festival could be purchased using Elrond (EGLD). The festival reported that it would be allowed to have an unlimited number of attendees despite the ongoing pandemic — the number of daily reported COVID-19 cases in Romania has been under 1,000 since June.

Elrond Network CEO Beniamin Mincu said following the rollout of the ticket purchases with EGLD for Untold, the project would be exploring “a festival economy running on semi-fungible tokens” as well as artists dropping nonfungible tokens, or NFTs, to fans from the stage. However, Untold attendees will alsobe able to accept NFTs from the festival “at a later time.”

“Blockchain technology has immense potential for large gatherings of digital natives who for a brief period of time become part of a hyperlocal economy,” said Mincu.

According to Elrond, any fees for settling ticket purchases using EGLD will be recorded on Untold’s balance sheets. Tickets start at €159, or roughly 1.37 EGLD at the time of publication. Elrond will also have representatives at Untold to educate festival attendees on crypto and blockchain.

Officials cancelled the Untold festival last year, as the number of COVID-19 cases around Europe and the world were rising before any vaccine had been introduced. According to Untold, more than 375,000 people attended the event in 2019. Though the event reported there were attendees from more than 120 countries in previous years, this may change due to travel restrictions and access to the vaccine.

Related: Thai music festival to use its own token for a cashless event

The price of Elrond’s EGLD has risen significantly in the last month, from under $70 at the end of July to $136.79 at the time of publication. Some companies and institutions in Romania have said they are willing to accept the token as a form of payment, including the Lucian Blaga University of Sibiu.