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British MPs Express Concern Over Sports Clubs' Issuance of Cryptocurrency Fan Tokens and NFTs

British MPs have raised concerns about sports clubs issuing cryptocurrency fan tokens, including NFTs, as they could damage the reputation of sports institutions and the UK economy. The Culture, Media, and Sport committee (CMS) has published a report acknowledging the growing popularity of NFTs within professional sports, but also highlighting the risks to vulnerable spectators and the potential reputational damage to clubs.

The CMS recommended that any measurement of fan engagement in sports should exclude the use of fan tokens and called for the government to respond to evidence of misleading and fraudulent advertising for NFTs. The UK government has been recommended to introduce statutory regulation for online advertising, specifically for NFTs, to mitigate the risks of harm to consumers from misleading and fraudulent ads. 

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