Non-fungible tokens (NFTs) and the blockchain

Culture, Media and Sport Committee Closed Inquiry
Opened: 3 Nov 2022 Closed: 5 Feb 2024 Parliament page
The DCMS Committee will hold an inquiry into the operation, risks, and benefits of Non-Fungible Tokens (NFTs) and the wider blockchain. MPs are expected to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market. The inquiry may also look into the wider benefits that NFTs … Read more
4 Recommendations
1 Report
1 Oral session
1 Letter
1 Event
Activity timeline 5 events
12 Jan
2024
Report published
11 Oct
2023
Report published
16 May
2023
Correspondence
18 Apr
2023
Oral evidence
18 Apr
2023
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Oral evidence sessions 1 session
18 Apr 2023
View on parliament.uk
Angus Scott · Artclear Ltd Emily Gould · Institute of Art and Law Joey D’Urso Kieran Maguire · University of Liverpool Reema Selhi · Design and Artists Copyright Society
Title HC No. Published Items Response
Fourteenth Report - NFTs and the Blockchain: the risks to sport … HC 598 11 Oct 2023 4 Responded
Recommendations & Conclusions
2 results
Clear
3 Recommendation Accepted
Fourteenth Report - NFTs and the B…
Exclude fan tokens from all measurements of fan engagement in professional sports regulation.
The recent plateaus in professional sports leagues’ revenues and the zero-risk nature of crypto revenue for clubs has incentivised partnerships between professional sport and crypto companies. However, the unique relationship between clubs and fans means that fan speculation on sport-based … Read more
Government Response
The government accepts the recommendation, stating that the new Independent Football Regulator will explicitly exclude fan tokens from its assessment of whether a club has met the required standard for fan engagement, focusing instead on structures for consulting representative supporter groups.
Department for Culture, Media and Sport
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4 Recommendation Accepted
Fourteenth Report - NFTs and the B…
Mandate the Ministerial taskforce to explicitly review misleading and fraudulent NFT and cryptoasset advertising.
We welcome the Government’s recently articulated intention to introduce statutory regulation for online advertising, in line with our conclusions and recommendations from our “Influencer culture” inquiry last year. We recommend that the Government respond to the evidence we have gathered … Read more
Government Response
The government welcomes the committee's point, stating that existing laws like the Consumer Protection from Unfair Trading Regulations 2008 already ban misleading advertising, and highlights its Online Advertising Programme and the FCA's expanded remit for regulating cryptoasset promotions to improve consumer protection.
Department for Culture, Media and Sport
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Government Response AI assessment · 4 of 4 classified
Accepted 2
Rejected 2
Total 4 recs
Correspondence 1 letter
16 May 2023 To committee Letter from Emily Gould, Assistant Director, Institute of Art and Law, relating to the oral evidence session on 18 April 2023, dated 21 April 2023
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