UK Parliament Group Starts NFT Inquiry as Crypto Scrutiny Grows

The UK parliament started an inquiry into nonfungible tokens, the digital collectibles for which Prime Minister Rishi Sunak has been a champion. From a report: The Digital, Culture, Media & Sport committee in the House of Commons announced the initiative in a statement on Friday, adding that it will also study the wider blockchain technology that underpins NFTs. "MPs are expected to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market," the DCMS committee said in the statement. "The inquiry may also look into the wider benefits that NFTs and the blockchain could provide the UK economy." NFTs rose into public consciousness in 2021, driven by the success of the Bored Ape Yacht Club collection that became a hit with celebrities. But interest in NFTs has dried up this year as crypto assets crashed, with trading tumbling more than 95% between January and September by one estimate.

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