Government Responds to NFT Risks in Sports and Culture Sectors
The Culture, Media, and Sport Committee has published the government’s response to their report on NFTs and the blockchain, highlighting the risks they pose to the sports and culture sectors.
The UK government acknowledges the potential of NFTs to revolutionise the way sports and cultural content is created, distributed, and monetized. However, they also recognize the concerns regarding copyright infringement, fraud, and environmental impact associated with NFTs.
The response outlines the government’s commitment to working with industry stakeholders and regulators to address these issues, including exploring legislative and regulatory measures to ensure the responsible and sustainable use of NFTs in the sports and culture sectors.
➡️ Last year, The British Blockchain Association responded to government’s call for evidence on treatment of NFTs and Cryptoassets, which can be found here:
➡️ UK government’s response:
