Fun

News Feed - 2023-10-11 01:10:55

Tom Mitchelhill4 hours agoBritish MPs urge action on NFT copyright infringement, crypto fan tokensA U.K. parliamentary committee called for a crackdown on sports fan tokens and recommended the government issue a code of conduct for NFT platforms.1025 Total views21 Total sharesListen to article 0:00NewsJoin us on social networksA bipartisan parliamentary committee has urged the government of the United Kingdom to protect creators from copyright infringement associated with nonfungible tokens (NFTs) and address potential harms from sporting groups issuing digital assets.


In an Oct. 11 press release, Culture, Media and Sport Committee members warned the “most pressing issue” was the risk to artists’ intellectual property rights arising from the ease and speed at which NFTs can be minted, compared with the slow process for artists looking to enforce their rights.


“Artists are at risk of seeing the fruits of their hard work pinched and promoted without permission while fraudulent and misleading adverts add an extra layer of jeopardy for investors involved in what is already an inherently risky business,” said committee chair Dame Caroline Dinenage.


In an accompanying report, the committee recommended the government work with NFT marketplaces to address these infringements by introducing a code of conduct that protects creators, consumers and sellers from infringing and potentially fraudulent material sold on such platforms.


The committee also warned of the potential harms of sporting leagues or teams creating cryptocurrencies to offer to fans and called for any measurement of fan engagement to exclude such tokens. 


It follows numerous U.K.-based football organizations, including Manchester City and Tottenham Hotspur, releasing “fan tokens” to followers and club members. Purchasing such tokens is supposed to offer exclusive rights and benefits, but the committee claimed this often failed to be the case.Passion Knows No Boundaries.

From North London to South Korea. COYS worldwide. @SpursOfficial join the https://t.co/2FROhSNgw8 family #PassionForSpurs pic.twitter.com/Rjns7z6RYy— Socios.com (@socios) September 28, 2023


“We are also concerned that clubs may present fan tokens as an appropriate form of fan engagement in the future, despite their price volatility and reservations among fan groups,” the report said.


Related:FC Barcelona secures $132M investment for blockchain and NFT venture


The committee claimed the volatility of these tokens could cause financial harm to fans, who were unaware of the “inherently risky” nature of the asset.“In the world of sport, clubs are promoting volatile crypto asset schemes to extract additional money from loyal supporters, often with promises of privileges and perks that fails to materialize.”


The committee concluded that “any measurement of fan engagement in sports, including in the forthcoming regulation of football, should explicitly exclude the use of fan tokens.”


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, Formula E# Blockchain# Cryptocurrencies# Law# Business# Football# UK Government# United Kingdom# RegulationAdd reactionAdd reactionRead moreWho invented NFTs?: A brief history of nonfungible tokensMeet the guerilla artist who staged a crypto ‘rug pull’ in front of the SECThe economy is surging — which means it might be time to start buying Bitcoin

News Feed

Ethereum Price Prediction: Inverse Head And Shoulders Pattern Says ETH Will Touch $12,000
Este artículo también está disponible en español. The Ethereum price is showing signs of a breakout, as an analyst has identified the formation of an inverse head and sho
Bitcoin forming 'massive' bullish wedge pattern as trader eyes $85K
Ciaran Lyons7 hours agoBitcoin forming "massive" bullish wedge pattern as trader eyes $85KBitcoin’s bullish pattern on the chart is signaling to crypto traders a potential 25% price increase from its current level.6035
Coinbase and 17 Other Crypto Firms Launch ‘Travel Rule Universal Solution Technology’
Coinbase and 17 Other Crypto Firms Launch "Travel Rule Universal Solution Technology" On Wednesday, the publicly-listed cryptocurrency firm Coinbase announced the launch of a colla
6 Meme Coins That May 100x and Follow in DOGE’s Pawprints
Dogecoin is no longer the sus-looking dog meme we once knew it as; it’s now one of the most profitable investment opportunities available to those in the crypto space. With El
XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance
Este artículo también está disponible en español. The entire crypto market is enjoying a strong surge, yet XRP has been lagging, remaining stuck below the crucial $0.55 l
Disney to Drop ‘Golden Moments’ NFT Collectible Series via Digital Collectibles App Veve
Disney to Drop "Golden Moments" NFT Collectible Series via Digital Collectibles App Veve On November 12, the Walt Disney Company will be celebrating the first annual Disney+ Day an
‘Cast a vote, but don’t join a cult’ — Edward Snowden at Bitcoin 2024
Turner Wright2 hours ago‘Cast a vote, but don’t join a cult’ — Edward Snowden at Bitcoin 2024The former National Security Agency contractor did not name any particular US or international lawmakers but warned man
Whales Snap Up 30 Million XRP As Ripple Launches Its RLUSD Stablecoin
Este artículo también está disponible en español. XRP whales have been on a buying spree as blockchain payments company Ripple officially launchedits dollar-backed stable
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry The World Gold Council’s (WGC) head of global sales and regional CEO, Joe Cava
FinCEN Issues ‘Red Flags’ on Potential Sanctions Evasion Using Cryptocurrency
FinCEN Issues "Red Flags" on Potential Sanctions Evasion Using Cryptocurrency The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade s
SEC Chief: You're 'Sorely Mistaken' if You Think Bitcoin's All Grown Up
U.S. Securities and Exchange Chairman Jay Clayton just delivered a rebuke to cryptocurrency backers, alleging that Bitcoin is unlikely to trade on a major US exchange until it"s much better regulated. Crypto"s Not Ready
Dubai Café Accepts Cryptocurrency as Payment, Owner Hints at Paying Employee Salaries in Crypto
Dubai Café Accepts Cryptocurrency as Payment, Owner Hints at Paying Employee Salaries in Crypto Bake N More, a Dubai-based cafe, has become the latest company from the region to a