UK legislator wants fan tokens explicitly excluded, warns NFTs risks
The post UK legislator wants fan tokens explicitly excluded, warns NFTs risks appeared on BitcoinEthereumNews.com. A U.K. regulator recommended that the U.K. Government “explicitly exclude” using fan tokens to measure fan engagement. A bipartisan parliamentary committee also warned about the risks of non-fungible tokens (NFTs), which they say enable copyright infringement in art and culture. In its report, the House of Commons Culture, Media and Sport Committee concluded that minting an NFT from a creative work infringes the creator’s rights unless they give their express permission. Additionally, it’s almost impossible for the creator to seek recourse, limiting them to using the ‘notice-and-takedown’ procedures of NFT marketplaces. NFT marketplaces need to do more to address the scale of copyright infringement on their platforms. We’ve published our report on “NFTs and the Blockchain: risks to sport and culture”. Find out more: https://t.co/4pYE6gAngwRead our report: https://t.co/XIj0LYlcrX@cj_dinenage pic.twitter.com/GTbtOJCM8m — Culture, Media and Sport Committee (@CommonsCMS) October 11, 2023 Since the digital tokens gained mainstream appeal, NFTs and copyright infringement have been a common debate. While an NFT owner has exclusive rights on the blockchain, there has been widespread criticism over the ease of reproducing the tokens. Some, like Elon Musk, have dismissed NFTs, claiming they are fungible. There have been several lawsuits on copyright infringement involving NFTs, some of which have involved major global brands like French luxury designer Hermes. However, regulators are yet to catch up and issue a legal framework for the sector. “We recommend that the Government engages with NFT marketplaces to address the scale of infringement and enable copyright holders to enforce their rights,” the committee says. It also called for a code of conduct “that protects creators, consumers and sellers from infringing and fraudulent material sold on these platforms.” Fan tokens come with real financial harm The lawmakers also attacked ‘crypto’ fan tokens, which they say come with “a real risk of financial harm to fans and reputational harm to clubs.” Fan…
The post UK legislator wants fan tokens explicitly excluded, warns NFTs risks appeared on BitcoinEthereumNews.com.
A U.K. regulator recommended that the U.K. Government “explicitly exclude” using fan tokens to measure fan engagement. A bipartisan parliamentary committee also warned about the risks of non-fungible tokens (NFTs), which they say enable copyright infringement in art and culture. In its report, the House of Commons Culture, Media and Sport Committee concluded that minting an NFT from a creative work infringes the creator’s rights unless they give their express permission. Additionally, it’s almost impossible for the creator to seek recourse, limiting them to using the ‘notice-and-takedown’ procedures of NFT marketplaces. NFT marketplaces need to do more to address the scale of copyright infringement on their platforms. We’ve published our report on “NFTs and the Blockchain: risks to sport and culture”. Find out more: https://t.co/4pYE6gAngwRead our report: https://t.co/XIj0LYlcrX@cj_dinenage pic.twitter.com/GTbtOJCM8m — Culture, Media and Sport Committee (@CommonsCMS) October 11, 2023 Since the digital tokens gained mainstream appeal, NFTs and copyright infringement have been a common debate. While an NFT owner has exclusive rights on the blockchain, there has been widespread criticism over the ease of reproducing the tokens. Some, like Elon Musk, have dismissed NFTs, claiming they are fungible. There have been several lawsuits on copyright infringement involving NFTs, some of which have involved major global brands like French luxury designer Hermes. However, regulators are yet to catch up and issue a legal framework for the sector. “We recommend that the Government engages with NFT marketplaces to address the scale of infringement and enable copyright holders to enforce their rights,” the committee says. It also called for a code of conduct “that protects creators, consumers and sellers from infringing and fraudulent material sold on these platforms.” Fan tokens come with real financial harm The lawmakers also attacked ‘crypto’ fan tokens, which they say come with “a real risk of financial harm to fans and reputational harm to clubs.” Fan…
What's Your Reaction?
