U.K. Advocates Push for NFT Copyright Protection Measures and Ethical Guidelines

Police & Regulations
Oct 12, 2023 at 09:05 am

The Parliamentary Committee for Culture, Media, and Sport, comprising members from various U.K. political factions, initiated an investigation into non-fungible tokens (NFTs) in November.

A U.K. committee, representing diverse political affiliations, is urging the government to collaborate with non-fungible token marketplaces. Their aim is to combat issues of copyright infringement and establish a code of conduct to enhance the safeguarding of creators. This call comes in response to concerns regarding instances where NFTs are generated from creative works without proper authorization, which has led to legal disputes both in the U.K. and the U.S.

Dame Caroline Dinenage MP, who presides over the Culture, Media, and Sport Committee, highlighted the risks faced by artists who may witness their hard-earned creations being utilized and promoted without their consent. She also pointed out the added complexity posed by deceptive advertisements, which further jeopardize investors in an already inherently uncertain market.

The committee initiated an inquiry into NFTs back in November. Notably, certain U.K. football clubs have entered the NFT space, offering tokens that grant members access to exclusive perks such as voting rights on club matters, merchandise, and special experiences.

However, the report expressed apprehension about the potential presentation of fan tokens as a suitable form of fan engagement in the future. It highlighted concerns regarding their price volatility and reservations among fan groups.

The committee underscored that football fans engaging in speculative activities with sports-related crypto assets could not only lead to financial harm for supporters but also tarnish the reputation of football clubs.

Dinenage further noted that some clubs are endorsing unstable crypto asset schemes to extract additional funds from loyal fans, often with promises of privileges and benefits that may not materialize.

Additionally, the committee called upon those who promote NFTs to take on the responsibility of safeguarding consumers. This move represents a collective effort to establish a more secure and transparent environment within the NFT space.

Read more: CMCC Global Secures $100 Million Investment for Hong Kong-Based Blockchain Ventures

Read more about

Related News

Sign up for daily crypto news in your inbox

Get crypto analysis, news and updates right to your inbox! Sign up here so you don't miss a single newsletter.