- A bipartisan parliamentary committee is calling on the British government to protect creators from copyright infringement related to non-fungible tokens (NFTs) and address potential threats from sports groups issuing digital assets.
- The committee highlighted the risk to artists’ intellectual property rights due to the ease and speed at which NFTs can be minted, compared to the slow process of enforcing those rights.
- The committee recommended the government collaborate with NFT marketplaces to introduce a code of conduct that safeguards creators, consumers, and sellers from infringing and potentially fraudulent material.
- The committee also expressed concerns about sporting leagues or teams creating cryptocurrencies for fans and called for a ban on such digital assets.
- UK-based football organizations, including Manchester City and Tottenham Hotspur, have already released “fan tokens” to followers and club members, which are meant to offer exclusive rights and benefits, but the committee claims this often fails to be the case.
Passion Knows No Boundaries.
From North London to South Korea. COYS worldwide. @SpursOfficial join the https://t.co/2FROhSNgw8 family #PassionForSpurs pic.twitter.com/Rjns7z6RYy
— Socios.com (@socios) September 28, 2023
- The committee voiced concerns about the volatility of fan tokens and the potential financial harm they could cause to unaware fans.
- They concluded that fan engagement in sports, including future regulations for football, should explicitly exclude the use of fan tokens.
