The U.K. government is failing to regulate NFTs in a meaningful way, treating them as speculative pictures rather than a nascent sector of technology, says Mintable founder and CEO Zach Burks.
“It’s not just a piece of artwork”: Mintable CEO Zach Burks argues that the United Kingdom government still hasn’t caught up on what NFTs are becoming.The United Kingdom’s government is in danger of regulating nonfungible tokens in a way that doesn’t suit the true nature of the nascent technology, says Mintable CEO and founder Zach Burks.significantly exaggerates the role NFTs play in copyright infringement and fails to recognize that they are more than just volatile digital pictures.
Burks acknowledged that copyright protections and intellectual property rights for artists are of paramount importance, pointing to Mintable’s own IP protection algorithm it uses to prevent plagiarism on its platform. Burks, who personally corresponds with U.K. government officials on NFTs on a weekly basis, said that while NFT platforms should be doing their utmost to protect artists, it falls on regulators to embrace a more nuanced view of NFTs as a whole.
In Burks’ view, NFTs are an extremely broad technology capable of a vast array of different functions, and having a committee declare that they be regulated as pieces of digital art could be a significant setback to unveiling the true utility of the technology.
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