London, October 11, 2023 – In a bipartisan effort, members of a parliamentary committee in the United Kingdom have urged the government to protect creators from copyright infringement associated with non-fungible tokens (NFTs) and to address potential harm to sports groups when issuing digital assets.
In a press release dated October 11, the members of the Culture, Media, and Sport Committee highlighted the “most pressing issue” as the threat to artists’ intellectual property rights due to the ease and speed at which NFTs can be created, in contrast to the slow and cumbersome process artists face when enforcing their rights.
“The risk artists face in seeing the fruits of their labor appropriated and promoted without permission is significant, while fraudulent and misleading advertisements add an additional layer of risk for investors involved in what is already an inherently risky business,” stated Dame Caroline Dinenage, the committee’s chairperson.
