The non-fungible token (NFT) market has been experiencing a downward trend following its peak popularity in 2021. Despite a slight uptick in NFT activity towards the end of 2022, the extended bear market has hindered significant growth and adoption of this digital asset.
United Kingdom Prime Minister Rishi initially shared the plan to create an NFT for Britain in April 2022. Sunak had requested the Royal Mint proceed with the non-fungible token development to boost the country’s cryptocurrency development. However, according to the latest announcement, the Treasury has dropped plans for the government-backed non-fungible token (NFT).
Check out: FTX: Sam Bankman-Fried Accused of $40 Million Bribery Scandal
“In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”
Royal Mint scraps NFT ambition
Following a consultation with the Treasury, the Royal Mint announced that the government is not moving forward with the launch of the NFT. However, the proposal would still be kept under review.
Harriet Baldwin, chair of the Treasury Select Committee, said regarding the announcement: “We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money.”
Baldwin also stressed that this could be the primary reason why the decision to halt the launch was made by the Royal Mint. The proposed concept of “NFT for Britain” appears to lack clarity, as there is no clear indication from either the Royal Mint or the Treasury regarding the intended purpose and functional mechanism of these NFTs.
