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- 1 A UK committee, including representatives from different political parties, begins an inquiry into NFTs.
- 2 The investigation is for NFT copyright infringement and code of conduct to better safeguard creators.
The UK committee consists of members from different political parties and fields including culture, sports, and media calling for NFT creators to better protect them. The continuous growth of the Non-fungible Tokens (NFTs) marketplace makes it essential to come up with more protected and safe places for creators. Mitigating the several legal disputes and offering better protection to creators, made the call more vital for the UK Group.
The UK Committee’s Concern for NFTs
A report released on Wednesday states the initiatives taken by the US group for the NFT creators and artists. NFT is a digital art generated using a particular program that can’t be traded or exchanged just like other cryptographic assets. The demand for NFTs is growing gradually in the world with an enhanced need for digital art and cryptocurrency usage. The NFT market was valued at around $16 Billion in 2021 and is predicted to hit $212 Billion by 2030 end. With growth and values, the legal disputes and chances of crimes are also booming.
Privacy, data protection, ownership rights, copyright, and intellectual property rights are some major legal disputes in the NFT space. Considering all these legal disputes in mind, the UK group urged the native government to work with the NFT marketplaces to address the copyright infringement. The group also calls for the introduction of a code of conduct to better safeguard creators.
However, the group initiated the investigation in November and wants a proper response from the Native government to protect creators in the UK and the US. Dame Caroline Dinenage MP, the chairman of the UK committee, showed concern for creators. “Artists are not paid off much for their hard work as their hard work is promoted without permission which leads to fraudulent actions ” stated the chairman.
All these actions put creators at risk, added by Dame.
Tokens released by some of the UK football clubs offering members access to membership bonuses also raised concern for the NFT marketplace. According to the UK committee, the tokens can be represented in an appropriate form of fan engagement in the near future, affecting the whole NFT world.
In addition to this, the schemes promoted by sports clubs are a way to extract more money from the evergreen supporters.
What’s the Future of NFT Creators
Copyright infringement takes place when an NFT is created from an imaginative work without obtaining permission from the original creator. Such practices result in legal disputes and put NFT creators in danger. Result of all these, several legal disputes were observed in the UK and US marketplace, which boomed the need for a code of conduct in the NFT marketplace. A systematic code of conduct thus helps creators or digital artists in safeguarding their creatives, leading to a bright future.
Conclusion
The upsurge in the illegal actions in the NFT space raised concern of the UK committee for NFT marketplaces and digital artists. To better protect the creators, the UK committee urged the national government to come up with a code of conduct for the NFT marketplace.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
