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UK Parliamentary Committee Urges Protection of Artists' Rights in NFT Crypto Space

CJ - Cryptocurrency Enthusiast

The UK parliamentary committee has made a bipartisan call for the protection of artists' intellectual property rights in the non-fungible tokens (NFT) space. Concerns were raised regarding the rapid creation of NFT Coins and the potential for copyright infringements.

The committee's chair, Dame Caroline Dinenage, emphasized the need to safeguard artists' work from unauthorized use and misleading advertisements within the NFT sector.

To address these issues, the committee recommended the establishment of a code of conduct in collaboration with NFT marketplaces. This code aims to protect the rights of creators, consumers, and sellers by preventing the circulation of infringing and fraudulent content.

Furthermore, the committee expressed concerns about sports organizations issuing digital assets, specifically "fan tokens." It proposed prohibiting the issuance of such assets. This recommendation was influenced by instances where sports clubs like Manchester City and Tottenham Hotspur released "fan tokens" that failed to deliver the promised exclusive rights and benefits.

This parliamentary initiative underscores the growing need to protect intellectual property rights within the NFT market space and to regulate the issuance of digital assets, especially in the realm of sports organizations. It reflects the broader implications of NFTs and digital assets for intellectual property and copyright protection.

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