Sports clubs that issue cryptocurrency fan tokens risk damaging their reputations, a group of MPs has warned.
The rise of non-fungible tokens (NFTs) and similar assets in sports and the arts are a concern to the Culture, Media and Sport committee.
The committee has warned clubs against exploiting fans.
The committee has warned clubs against exploiting fans.
The message tells people not to invest “unless you’re prepared to lose all the money you invest”.
The BBC has approached the government for a response.
NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold, but which have no tangible form of their own.
The digital fan tokens can be thought of as certificates of ownership for virtual or physical assets. Owning them can give fans access to certain perks, such as being able to vote in fan polls or getting access to ticket ballots.
Some of them can be traded, like an NFT – but that means their value can vary widely too, with the potential to gain or lose a lot of money.
Sports clubs that issue cryptocurrency fan tokens risk damaging their reputations, a group of MPs has warned.
The committee has warned clubs against exploiting fans.
The rise of non-fungible tokens (NFTs) and similar assets in sports and the arts are a concern to the Culture, Media and Sport committee.
The message tells people not to invest “unless you’re prepared to lose all the money you invest”.
The committee has warned clubs against exploiting fans.
The committee has warned clubs against exploiting fans.
The message tells people not to invest “unless you’re prepared to lose all the money you invest”.
The BBC has approached the government for a response.
NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold, but which have no tangible form of their own.
The digital fan tokens can be thought of as certificates of ownership for virtual or physical assets. Owning them can give fans access to certain perks, such as being able to vote in fan polls or getting access to ticket ballots.
Some of them can be traded, like an NFT – but that means their value can vary widely too, with the potential to gain or lose a lot of money.
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