British MPs urge action on NFT copyright infringement, crypto fan tokens
A bipartisan parliamentary committee has urged the government of the United Kingdom to protect creators from copyright infringement associated with nonfungible tokens (NFTs) and address potential harms from sporting groups issuing digital assets.
In an Oct. 11 press release, Culture, Media and Sport Committee members warned the “most pressing issue” was the risk to artists’ intellectual property rights arising from the ease and speed at which NFTs can be minted, compared with the slow process for artists looking to enforce their rights.
“Artists are at risk of seeing the fruits of their hard work pinched and promoted without permission while fraudulent and misleading adverts add an extra layer of jeopardy for investors involved in what is already an inherently risky business,” said committee chair Dame Caroline Dinenage.
In an accompanying report, the committee recommended the government work with NFT marketplaces to address these infringements by introducing a code of conduct that protects creators, consumers and sellers from infringing and potentially fraudulent material sold on such platforms.
The committee also warned of the potential harms of sporting leagues or teams creating cryptocurrencies to offer to fans and called for such digital assets to be banned.
It follows numerous U.K.-based football organizations, including Manchester City and Tottenham Hotspur, releasing “fan tokens” to followers and club members. Purchasing such tokens is supposed to offer exclusive rights and benefits, but the committee claimed this often failed to be the case.
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