NFTs Reappear on UK Government's Radar

Nov 05,2022
NFTs Reappear on UK Government's Radar

British House of Commons Data, Culture and Arts, Media and Sports CommitteeStartedInvestigation and analysis of non replaceable token (NFT).

The DCMS Committee expects the public to weigh the advantages and disadvantages of NFT.

The House of Representatives will identify the potential risks faced by NFT investors.

The committee believes that NFT may be "a foam", and "more foolish" investors face the risk of losing money. The statement emphasized that NFT trading volume and price decreased significantly earlier this year.

The DCMS committee especially mentioned the NFT of the first tweet so far by Jack Dorsey, the former CEO of Twitter, which basically lost all its use value after being sold for 2.9 million dollars.

Julian Knight, the current chairman of the committee, said that foamed plastics were at risk of breaking.

At this stage, the United States does not have a strict regulatory framework for non-financial investment, but the new investigation and analysis will lead to the possibility that government departments will ask the public for advice on how they are likely to deal with this problem.

After Tory legislators selected Rishi Sunak as their next president last month, Britain now has the hope of becoming more data encryption friendly. Sunak suggested releasing NFT series products on the official website earlier this year asWalkov JohansenBut this idea has been widely criticized.