Legislators in the United Kingdom want to know the public's opinion about controlling <a href="https://www.cryptoknowmics.com/news/operas-web3-browser-now-provides-new-nft-analytics-tool">non-fungible tokens (NFT)</a>, which they believe are frequently overpriced. The study filings by the UK legislators will probably lead to NFT regulation suggestions, which the Treasury will evaluate. According to the press release, committee head Julian Knight remarked that this investigation would also assist Parliament to comprehend the prospects afforded by an innovative new technology that might democratize how assets are acquired and traded.
<h2>NFT Examination by DCMS</h2>
On Thursday, the Digital, Culture, Media and Sport Committee (DCMS), composed of representatives from several political parties, <a href="https://committees.parliament.uk/committee/378/digital-culture-media-and-sport-committee/news/174174/dcms-committee-to-hold-inquiry-into-the-future-of-the-nft-market/" target="_blank" rel="nofollow noopener">announced</a> the commencement of an investigation. The examination involves the workings, dangers, and advantages of NFTs, which are blockchain-based <a href="https://www.cryptoknowmics.com/news/abra-global-announces-plans-for-u-s-bank-supporting-digital-assets">digital assets</a> that reflect ownership of either virtual or actual objects.

Celebrity endorsements of NFTs have gained attention, and the development of the virtual marketplace known as the <a href="https://www.cryptoknowmics.com/news/elrond-transforms-into-multiversx-launches-3-new-metaverse-products">metaverse</a>, which enables users to purchase and exchange these tokens, has further increased their value. According to a release, global NFT revenues surpassed $17 milliards by the closing of March 2021. However, weekly NFT sales have now decreased by over 90% from August 2021 to March 2022.
<h2>NFTs to Create “Bubble”</h2>
Parliamentarians in the UK are now concerned that NFT investment may create a "bubble." Since the economy is erratic and there are concerns that the bubble could collapse, Julian Knight, MP, head of the DCMS Committee, stated in the announcement that they needed to comprehend the dangers, advantages, and legal needs of this new technology.

UK Legislators to Conduct Investigation to Examine NFT Regulation

The study filings by the UK legislators will probably lead to NFT regulation suggestions, which the Treasury will evaluate.

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UK Legislators to Conduct Investigation to Examine NFT Regulation

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