The text must also be formally approved by the EU Parliament and is expected to be published early next year before taking effect sometime in 2024.
💡 NFTs – MiCA will adopt a substance over form approach in determining whether a crypto-asset (notwithstanding it is labelled as NFT) is indeed unique & non-fungible with other cryptoassets, without prejudice to qualification of such cryptoasset as financial instruments. The issuance of crypto-assets as an NFTs in a large series or collection should be considered as an indicator of their fungibility. The assets or rights represented should also be unique & not fungible for the crypto asset to be considered unique & non-fungible.
Source: https://data.consilium.europa.eu/doc/document/ST-13198-2022-INIT/en/pdf
