In response to the non-fungible tokens (NFTs) and the blockchain Inquiry authors, including Dr Monomita Nandy (Brunel Univeristy London), provide written evidence on the four questions raised by the DCMS.
Major recommendations are:
- An intervention of regulation will allow the individual in the NFT market not only to get richer on paper but also to create utility when they belong to an exclusive community.
- If the exclusive communities are built following certain regulation, then there is a higher possibility to generate higher utilities for the society through NFT trading.
More