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A cross-party committee of the UK Parliament has expressed concerns about football clubs promoting non-fungible tokens (NFTs), warning that it poses a risk to fans. They have called on the government to protect the rights of artists and consumers in the NFT market. The committee also recommends banning football clubs from selling crypto-based "fan tokens" as part of their engagement with supporters. They argue that these tokens could cause reputational damage to sports institutions and the UK economy. The Fulham Supporters' Trust has announced a fan protest against Fulham FC's ticket pricing policy, stating that it fundamentally misunderstands what it means to be a fan. The report by the committee is seen as damning, particularly in light of Tottenham Hotspur's decision to partner with Socios, a platform that deals with fan tokens. The DCMS Select Committee has also warned about the financial risks and reputational harms associated with NFTs. Overall, the UK Parliament opposes football clubs' involvement in the crypto and NFT market due to concerns about the potential risks and negative impact on the sports industry and economy.
The UK Parliament Opposes Football Clubs’ Crypto Fan Tokens They warn that crypto and NFTs could cause significant reputational damage to sports institutions, as well as the UK economy. Read our article to learn more 👇 https://t.co/6ZRRxVBmjs
The Fulham Supporters’ Trust announce a fan protest against #FFC's ticket pricing policy around the #MUFC fixture next month. FST: "The problem is a completely misguided ticket policy that fundamentally misunderstands what it means to be a fan"👇 https://t.co/T1OHo8woWM
A cross-party committee of the U.K. Parliament has called on the government to protect the rights of artists and consumers in the NFT market https://t.co/zcUkMrrw1P
DCMS Select Committee warns of NFTs’ financial risks and reputational harms https://t.co/wAKyghOjzl https://t.co/OzrtgtU26b
Earlier this year @KieranMaguire and I testified to MPs about the harms of crypto in sport. The report is out and it's pretty damning - and makes Spurs' decision to partner with Socios all the more bizarre. More ⤵️ https://t.co/xbwmXxhpSC
Football clubs should be banned from selling crypto-based "fan tokens" as part of engagement with supporters by the sport's incoming regulator, according to MPs ⤵️ https://t.co/uh8YfIpb3N
Football clubs promoting NFTs pose 'risk' to fans, MPs warn https://t.co/4vhcvcdUbi