The Culture, Media and Sport Committee is recommending the Government take steps to reduce the risk to those who deal in NFTs and other crypto assets
The promotion of crypto assets in sport has put supporters at risk of financial loss and could damage clubs’ reputations, a cross-party Commons scrutiny committee has found.
The technology creates an asset by guarding against replication, in theory producing a similar one-of-a-kind ownership model as you would get from a non-digital original artwork but for digital collectable art. “Artists are at risk of seeing the fruits of their hard work pinched and promoted without permission while fraudulent and misleading adverts add an extra layer of jeopardy for investors involved in what is already an inherently risky business.
A number of top sports teams have sold NFT collections to fans, as well as so-called fan tokens, which are another form of blockchain-based asset and which are marketed as offering access to perks and rewards to owners. “The unique relationship between clubs and fans means that fan speculation on sport-based crypto assets carries a real risk of financial harm to fans and reputational harm to club,” the report warns, saying NFTs pose “little to no financial risk for clubs” but “have proven to be inherently risky for fans”.
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