A U.K. committee consisting of members from different political parties has urged the government to collaborate with non-fungible token (NFT) marketplaces on copyright infringement and consumer protection practices.
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Fast Facts
- “We recommend that the Government engages with NFT marketplaces to address the scale of infringement and enable copyright holders to enforce their rights,” the Culture, Media and Sport Committee said in a 30-page report released Wednesday.
- The report also recommended a code of conduct that protects consumers and creators from “fraudulent material sold on these platforms.”
- The committee further urged the government to address “the prevalence of misleading and fraudulent ads,” in the NFT space. The committee added that future football regulation “should explicitly exclude the use of fan tokens,” citing concerns about price volatility and the “zero-risk nature of crypto revenue” for sports clubs.
- The Forkast 500 NFT Index fell over 54% year-to-date amid the ongoing bear market, as blue-chip collection Bored Ape Yacht Club lost more than 80% of its floor price from its peak.
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