DACS gives evidence to the Digital, Culture, Media and Sport Select Committee inquiry into NFTs and the Blockchain

DACS has given oral evidence to the UK Parliament’s Digital, Culture, Media and Sport (DCMS) Select Committee for the inquiry into the operation, risks and benefits of non-fungible tokens (NFTs) and the Blockchain.

DACS was invited by the Select Committee to speak on the expert panel, held on Tuesday 18 April, alongside the Institute of Art and Law and Artclear Ltd.

NFT regulation in the UK is largely non-existent. The inquiry into NFTs and the Blockchain is likely to examine whether more regulation is needed, ahead of a Treasury review.   

Reema Selhi, DACS’ Head of Policy and International, spoke at the inquiry about the opportunities NFTs presented to many artists as a way to develop their practice and reach new audiences. However, NFT marketplaces are often opaque and operate under terms and conditions that absolve themselves of liability and risk leaving both consumers and creators vulnerable.

A recording of the session is available to watch here.

In January, DACS submitted written evidence to the DCMS Committee’s inquiry into the future of NFTs recommending, that the Government looks to protect and enhance intellectual property rights for creators, whilst also increasing trust and consumer confidence in cryptoassets.

You can read DACS’ written evidence here.