The UK government asked the Royal Mint to create an NFT

The UK government has announced the creation of a new ‘Royal Mint’ NFT, which it plans to launch by the summer.

The announcement was made on Her Majesty’s Treasury Twitter account, stating that the decision “shows the forward-looking approach we are determined to take towards cryptocurrencies in the UK”.

The announcement tweet was followed shortly after by a second tweet, directing users to additional information about the government’s plans to “make the UK a global hub for crypto.” The page outlines several points in the Treasury’s plan, which include the introduction of “Stablecoins” (crypto assets pegged to a reserve asset, typically a fiat currency) into regulation and legislation for a ‘financial market infrastructure sandbox’, to help companies to innovate in the crypto space.” The Royal Mint NFT aims to be “an emblem” of the UK’s “forward-looking approach” to crypto assets.

It is an interesting time for the UK government to announce an NFT project. There is mounting evidence that the NFT craze is an unsustainable bubble, with Fortune communicating that the average selling price of an NFT dropped by more than sixty percent between January and March, while the total market value of NFTs dropped from $23 billion to $10 billion. This drop in value was likely precipitated by the abundance of scams that devastated the NFTs’ reputation – which, let’s face it, wasn’t exactly a good start.

Furthermore, the UK is currently in the midst of an unprecedented cost-of-living crisis. Energy bills, food prices and mortgage interest rates are rising, while the government’s response to these problems has been disappointing at best and downright dismissive at worst. Announcing a national NFT project at this point is like waving a picture of some magic beans in front of a hungry man. The government did not offer details on how the NFT will work, what the ownership will represent, how many NFTs will be minted, or what the funds generated by these NFTs will be used for.

The ad embodies everything people hate about NFTs – offering no clarity on what it is, what it’s for, or what you get when you buy. obscure individuals in a way that cannot be traced. But I’m sure the UK government would never do something like that.

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