May 05, 2023
CMA Examines AI Impact on Consumers and Economy
The Competition and Markets Authority (CMA) of the United Kingdom has announced an examination of the impact of artificial intelligence (AI) on consumers and the economy. On May 4, the regulator said it would be looking at the development and deployment of AI foundation models, such as OpenAI’s ChatGPT, against key principles like safety, transparency, fairness, and accountability.
Sarah Cardell, the chief executive of the CMA, noted that since AI tools “burst” into the public sphere, regulators have been monitoring their development. She also deemed it “crucial” that businesses and consumers in the U.K. have access to the potential benefits of AI technologies while being shielded from fake information. AI-generated fakes have already caused lawsuits in the past.
The initial review will examine the competitive market for AI foundation models and their usage. Regulators plan to monitor how they can expand and present opportunities, along with risks to competition and consumers. The CMA wants to ensure that open, competitive markets and effective consumer protection are upheld as the technology develops.
The review is intended to produce “guiding principles” for the protection of consumers and support healthy competition as the technologies develop. A report on the findings is scheduled to be published in September 2023. This announcement follows the publication of a white paper on AI from the U.K. government in March 2023 and the U.K. prime minister and technology secretary revealing funding of 100 million British pounds ($124.8 million) to support a task force to accelerate the country’s AI readiness on April 25.
The CMA’s examination of AI is particularly relevant for the web3 space. AI has been used to create Non-Fungible Tokens (NFTs) and other digital assets, which have been subject to promotion and marketing on platforms such as Twitter. As such, the CMA’s review could have a significant impact on the way web3 agencies, such as NFT marketing agencies, promote and sell NFTs.
The review could help to ensure that consumers are protected from potential risks associated with the sale and promotion of NFTs. It could also provide guidance on how NFTs should be marketed and promoted to ensure that consumers are not exposed to false or misleading information.
The CMA’s review could have a significant impact on the way web3 agencies, such as NFT marketing agencies, promote and sell NFTs. It could provide guidance on how NFTs should be marketed and promoted to ensure that consumers are not exposed to false or misleading information. It could also help to ensure that consumers are protected from potential risks associated with the sale and promotion of NFTs.
The CMA’s review could provide a much-needed framework for web3 agencies to follow when marketing and selling NFTs. It could help to ensure that NFTs are promoted in a way that is fair, transparent, and accountable, and that consumers are not exposed to false or misleading information. This could be beneficial for both consumers and businesses in the web3 space, as it would help to create a safe and secure environment for NFTs to be sold and promoted.
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