Non-fungible tokens remain of keen interest to many parties. The UK government expresses an interest in this technology and wants the Royal Mint to explore new opportunities through NFTs. The process can make the UK a global hub for crypto-asset technology, which would benefit various reasons.
The Royal Mint And NFTs
It would be intriguing to see the Royal Mint explore the minting of non-fungible tokens. That may come to pass shortly following a recent commission by the UK government. The objective is to explore NFT opportunities to assert the UK’s position in the crypto-asset industry. However, whether NFTs is the best option to explore is up for debate.
Ideally, the Royal Mint will create thee non-fungible tokens by the summer of 2022. For now, it appears there will be just one NFT, although it may be part of a broader collection. There is no monetary incentive to this mint, making many to wonder what the purpose is. In addition, replies to the initial Tweet by the HM Treasury account confirm public sentiment isn’t too positive.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
The timing of this commission seems rather unfortunate. NFTs have proven popular in 2021 and 2022 but have also attracted hundreds of scammers, hackers, and posers. Moreover, there is much art theft taking place in the industry, with marketplaces seemingly unable to take any action. It is not an industry the UK government should associate itself with, yet it seems other thoughts prevail.
NFTs are the latest technological venture by the UK government in recent years. Other plans focus on creating a CBDC and using DLT in financial markets. These are all interesting developments, yet there is still no clear regulation of cryptocurrency or blockchain technology in the UK today.
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