UK lawmakers have their eyes on NFTs. The Digital, Culture, Media and Sport Committee of the region will investigate the economic risks and benefits of nonfungible tokens.
“NFTs swept through the digital world so fast that we had no time to stop and consider,” said committee chair Julian Knight. “Now that the market is veering wildly, and there are fears that the bubble may burst, we need to understand the risks, benefits, and regulatory requirements of this groundbreaking technology.”“Our inquiry will investigate whether greater regulation is needed to protect these consumers and wider markets from volatile investments.
noted that global NFT sales were roughly $17 billion at the end of 2021, but fell by more than 90% from August 2021 to March 2022.
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