UK Might Regulate NFTs Incorrectly - CEO of Mintable

‘This is more than just a piece of art.’ According to CEO of Mintable Zach Burks, the UK state is still lagging behind what NFTs are evolving into.

Source: coinpedia.org

Zach Burks, the CEO and creator of Mintable, claims that the UK government runs the risk of governing non fungible tokens (NFTs) in an approach that is out of step with the real nature of the newly developed medium. In a conversation with Cointelegraph, Burks stated that he thinks the most recent research from a British parliamentary body greatly overstates the part NFTs play in copyright violations and ignores the fact that they are more than merely erratic digital images. Burks believes that NFTs are currently going through a transitional period where they are abandoning the volatile market of PFPs and instead focusing on the utility of brands utilizing NFTs for a wide variety of purposes.

The Culture, Media, and Sport Council encouraged the federal government to take steps to shield artists as well as content providers from infringements of copyright linked to NFTs in its report from October 11. Burks stated that Mintable's safeguarding of IP method, which is used to stop copying on its website, is evidence that copyright laws and ownership of intellectual property for creators are extremely important. He clarified, though, that although these problems have to be given top attention by all NFT channels, they aren't particularly NFT-specific difficulties.

Burks, who regularly contacts U.K. government agencies on a regular schedule regarding NFTs, stated that authorities should adopt a broader view of NFTs overall, even if NFT platforms ought to be absolutely all in their power to safeguard artists. According to Burks, NFTs are a very versatile technology that may be used for a wide range of purposes. Therefore, he believes that a committee's decision to regulate them as works of digital art might be a major obstacle to revealing the technology's actual potential.

The panel stated in the report that the harm to artists' proprietary rights posed by the ease and rapidity at which tokens may be created was the very urgent concern highlighted by NFTs. It recommended that they be governed by Article 17 of the European Union legislation on Copyright, a quite restrictive copyright legislation. In the end, Burks thinks the British government should learn from Singaporean authorities, who assess NFTs based on their particular use cases.

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