Despite the decline in the trading volume of NFTs following the decline in the value of cryptocurrencies this year, the UK parliamentary committee has launched an investigation to determine the risks and benefits of NFTs.The UK parliamentary committee emphasized the importance of having a regulation in this area, stating that there is no regulation on NFTs in the UK.The parliamentary committee announced this initiative in a statement on Friday, stating that the broader blockchain technology underlying NFTs will also be examined. The UK’s investigation into NFTs will be led by the country’s Digital, Culture, Media and Sport Committee.The committee said in a statement that it will investigate the wider benefits that NFTs and blockchain can bring to the UK economy, adding, “It needs to assess whether NFT investors, particularly small investors, are being put at risk by the market.” NFTs became popular in 2021 with the Bored Ape Yacht Club collection and quickly attracted the attention of investors.However, this year, interest in NFTs has also declined as crypto assets have lost value. Between January and September, NFT trading volume fell by more than 95%.Citing the decline in NFT sales this year, the UK parliamentary committee expressed fears that overvalued assets could be sold to uninformed investors and reiterated that NFT regulation in the UK is an important requirement.Rishi Sunak, who took over last month after Liz Truss’ short and turbulent prime ministerial term, was known as an advocate of NFTs with what he promised to realize in this field.