UK Treasury drops plans for Royal Mint NFT
UK Treasury Drops Plans For Royal Mint NFT
The UK Treasury has dropped plans for a proposed Non-Fungible Token (NFT) backed by the Royal Mint, according to The Daily Telegraph. The news comes after the Economic Secretary to the Treasury, John Glen, warned MPs in Parliament of the project's uncertain future.
The plans, which had been backed by the Royal Mint, were for the mint to issue a NFT based on its sovereign coin, the Sovereign, which is no longer in circulation but is highly sought after in the UK numismatic community. Two academics from the University of Warwick had advised the Royal Mint on the project, which would have allowed it to issue a digital version of the Sovereign to be sent between two parties online.
However, the plans were met with a mix of enthusiasm and criticism, with some arguing the project could open up a dangerous “Wild West” in the NFT space. It appears the Treasury has heeded this criticism, with Glen telling MPs: “The Royal Mint intends to keep this proposal under review and are no longer actively exploring its introduction at this time.”
The news is a blow to the Royal Mint, which had hoped to tap into the growing market for digital assets. The news also puts a dampener on the UK’s embrace of the NFT space, which has already seen multiple initiatives and companies launching. However, with the Treasury now shying away from the Royal Mint’s project, it appears the UK is not quite ready to embrace NFTs just yet.
Conclusion
The news that the UK Treasury has dropped plans for the Royal Mint’s NFT offering is a big setback for the British numismatic community. Although the project has been put on the back burner, it appears the Treasury is still open to the idea in the future. In the meantime, the UK’s embrace of the NFT space continues, with dozens of projects and companies launching.
This blog post was written with SEO in mind. Topics discussed include: UK Treasury, Royal Mint, NFTs, Economic Secretary to the Treasury, University of Warwick, digital assets and the UK numismatic community.
Categories: NFTs