U.K. Committee Urges Protection Against NFT Copyright Breaches and Advocates a Code of Conduct

by Max Nevskyi

2 years ago

A U.K. committee is urging the country's government to collaborate with NFT platforms to combat copyright issues and roll out a code of conduct to safeguard artists.

Infringements arise when NFTs are minted from artistic content without the consent of the original creators or proprietors. Notably, such breaches have sparked multiple legal confrontations in both the U.K. and U.S.

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 businessDame Caroline Dinenage MP

Chair of the Culture, Media and Sport Committee, said in an accompanying press release.

Several U.K. soccer teams have launched tokens that provide holders with benefits such as a say in club matters, exclusive merchandise, and special experiences.

We are also concerned that clubs may present fan tokens as an appropriate form of fan engagement in the future, despite their price volatility and reservations among fan groupsthe report said

The committee stated that football enthusiasts investing in sports-related crypto assets might face financial setbacks and could also tarnish the image of the football clubs.

In the world of sport, clubs are promoting volatile crypto asset schemes to extract additional money from loyal supporters, often with promises of privileges and perks that fail to materializeDinenage said in the press release

The committee further urged promoters of NFTs to shoulder the responsibility of safeguarding consumers.

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