UK Parliament Group Starts NFT Inquiry as Crypto Scrutiny Grows

The UK parliament started an inquiry into nonfungible tokens, the digital collectibles for which Prime Minister Rishi Sunak has been a champion. From a report: The Digital, Culture, Media & Sport committee in the House of Commons announced the initiative in a statement on Friday, adding that it will also study the wider blockchain technology that underpins NFTs. "MPs are expected to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market," the DCMS committee said in the statement. "The inquiry may also look into the wider benefits that NFTs and the blockchain could provide the UK economy." NFTs rose into public consciousness in 2021, driven by the success of the Bored Ape Yacht Club collection that became a hit with celebrities. But interest in NFTs has dried up this year as crypto assets crashed, with trading tumbling more than 95% between January and September by one estimate.

a series of tubes

[bugs2squash]

I can't wait to hear how they explain them

Re:

[ISayWeOnlyToBePolite]

If it was just an authoritative list of artworks signed by the creator and current owner, then I think it would be a good thing.

Re:

[Darinbob]

It's a series of tubes filled with bored apes, each slightly different than the other, and the result of this is money is made. Invest now, don't wait, don't let these politicians get rich while you procrastinate on the deal of the millenium! (no really, please hurry, I need to retire soon)

Labrador

[thermidor]

This will be like trying to explain rocket science to a Labrador.

Re:

[geekmux]

This will be like trying to explain rocket science to a Labrador.

"The inquiry may also look into the wider benefits that NFTs and the blockchain could provide the UK economy."

It's quite simple really once you realize this amounts to nothing more than a Government trying to figure out how to tax the shit out of it, which is likely their only real concern here.

Re:

[Joce640k]

"MPs are expected to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market,"

What "market" would that be?

Re:

[Darinbob]

Rockets go boom, sniff butts of other planets.

Time for the CBCDs

[laetus]

They'll probably announce that only a British CBDC can trade or validate NFTs

NFTs and Rishi Sunak

[Rosco P. Coltrane]

A scammer as head of state? This is so disappointing,... Here I was, thinking people in power needed impeccable credentials to get the job...

Re:

[tsqr]

A scammer as head of state? This is so disappointing,... Here I was, thinking people in power needed impeccable credentials to get the job...

Really? What were you thinking constituted "impeccable" credentials? Community organizer experience? History of business fraud and bankruptcy? Dementia?

undoing a mod

[newslash.formatblows]

undoing a mod

The answer was yes, they were.

[VeryFluffyBunny]

> "MPs are expected to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market,"

I guess ponzi schemes could be described as a kind of market. Are they going to regulate the ponzi market then?