UK Government is Planning ‘Royal Mint’ NFT for this summer.
With the announcement of a proposed ‘Royal Mint’ non-fungible token coming this summer, the UK government has declared it is going into non-fungible tickets.
According to a news release, UK Chancellor Rishi Sunak has requested that the 136-year-old institution that creates the UK’s currency develop a new digital token to head its “financial market infrastructure sandbox.”
The Chancellor of the Exchequer Rishi Sunak has instructed the Royal Mint to create a non-fungible token (NFT) by 2022.
The Royal Mint mints legal tender coins for circulation in the United Kingdom, while the Bank of England manufactures banknotes.
The UK government is minting its own NFT to “demonstrate the forward-thinking approach we are committed to taking towards crypto assets in the UK.” Here’s the tweet, along with some amusing answers.
@cobie, a popular crypto Twitter user from the United Kingdom, inquired why it would take four months to mint one NFT and offered his help, almost ‘rationing’ the message by accumulating more likes.
Shortly after the initial tweet, a second one appeared, inviting followers to more information on the government’s plans to “make the UK a worldwide crypto-asset center.”
The Treasury’s strategy includes integrating “Stablecoins” (crypto assets tied to a reserve asset, often a fiat currency) into regulation, as well as legislation for a “financial market infrastructure sandbox” to assist enterprises to innovate in the crypto field, according to the page.
The NFT from the Royal Mint is meant to be “an icon” of the United Kingdom’s “forward-thinking attitude” to crypto assets.
The UK government’s announcement of an NFT project comes at an… exciting moment.
According to Fortune, the average sale price of an NFT fell by nearly 60% between January and March, while the entire market value of NFTs fell from $23 billion to $10 billion.
The abundance of scams that have wrecked the reputation of NFTs – which, let’s face it, wasn’t exactly fantastic, to begin with – are most likely to blame for this reduction in value.
Not all reactions have been pleasant; NFTs and the general population have a love-hate relationship. As a result, some skeptical members of the British public inquired as to what precisely an NFT is.
Winger on the left, The Guardian, a British newspaper, chastised the Conservative government for producing an NFT at a time of rising poverty and austerity.
Non-fungible tokens have a reputation for being among the most expensive digital assets.