Members of the United Kingdom’s Digital, Culture, Media and Sport Committee have opened an inquiry to hear from the public on the potential benefits and risks of nonfungible tokens, or NFTs, and blockchain on the country’s economy.
In a Nov. 4 announcement, the DCMS Committee said its inquiry was related to the sudden growth of the NFT market, responding to fears that the assets may be overvalued and at risk of the bubble bursting. According to the committee, NFT regulation in the U.K. is “largely non-existent,” with the DCMS planning to assess the assets ahead of a review by the treasury department.
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