The U.K. Parliament’s Culture, Media, and Sport Committee has expressed concerns about non-fungible tokens (NFTs) and fan tokens in a recent report. The committee warns that NFTs pose a risk of copyright infringement and highlights the lack of significant benefits from these digital assets. The report also raises concerns about the impact of NFTs on existing regulatory frameworks and the decline in NFT trading volume and sales. The committee calls for the government to hold all stakeholders in the crypto asset market accountable for consumer protection and address copyright infringement issues. Additionally, the committee criticizes the use of fan tokens in football, stating that they do not provide sufficient fan engagement and could expose supporters to financial harm. Several premiership clubs in the U.K. have issued fan tokens, but the committee argues that these tokens are not equivalent to legitimate club memberships. The committee urges the government to take action to protect consumers and the rights of creators in the crypto industry.

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Information	Details
Geography	Europe
Countries
Sentiment	neutral
Relevance Score	0
People	Dame Caroline Dinenage
Companies	and Sport Committee, Media, U.K. Parliament’s Culture, Everton, Arsenal, Manchester City
Currencies	None Trading
Securities	None