UK risks regulating NFTs the wrong way, says Mintable CEO
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The United Kingdom’s government is in danger of regulating nonfungible tokens (NFTs) in a way that doesn’t suit the true nature of the nascent technology, says Mintable CEO and founder Zach Burks.
In an interview with Cointelegraph, Burks said he believes a recent report from a U.K. parliamentary committee significantly exaggerates the role NFTs play in copyright infringement and fails to recognize that they are more than just volatile digital pictures.
“NFTs are in a transition phase where they’re moving away from the speculative boom of PFPs, and now it’s going into utilities of brands implementing NFTs across a whole range of different things,” Burks explained.
In the Oct. 11 report, the Culture, Media and Sport Committee urged the government to take action to protect artists and content creators from copyright infringement associated with NFTs.
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