The UK Will Release its Own NFT Soon

04/14/2022By: C, Fiona

The UK is also exploring the use of stable currency as an effective form of payment.

The UK government is the latest country to join the NFT boom. The Treasury said on Monday that Chancellor Rishi Sunak had asked the Royal Mint, the state-owned company responsible for coining coins for the UK, to create an official NFT, an unforgeable token, by this summer.

“This is part of our plan to ensure that the UK financial services industry remains at the forefront of technology and innovation,” Sunak said.

The Ministry of finance has also developed plans to regulate stable currencies and recognizes them as an effective form of payment. The stable currency is a cryptocurrency whose value is linked to existing traditional currencies such as sterling, the euro and the US dollar. According to a press release, the decisions are part of a broader plan to make the UK a “global hub” for encrypted asset technology.

“We want to see tomorrow’s businesses – and the jobs they create – emerge in the UK, and through effective regulation, we can give them the confidence they need to think and invest in the long term,” Sunak  said.

NFTs are digital products, and their authenticity has been certified on the blockchain. Because the value of NFTs is based on cases rather than a fixed value, they are considered “unforgeable”. It is estimated that about 250000 people trade NFT on opensea, the largest NFT market, every month.

Crazy Cultural Phenomenon

Despite the mysterious nature of NFTs, it has become a crazy and popular cultural phenomenon. Each NFTs can be sold in five to six figures. Some more extreme cases include: Jimmy Fallon bought a bored ape NFT for $200000, Christie’s auctioned a digital art NFT for $69 million in March 2021, and mfers worth more than $90 million, an NFT collection, was bought and sold by NFT traders.

Both twitter and instagram announced plans to introduce NFT into their platforms earlier this year. Although NFTs are often associated with cartoon images sold at inflated prices, they have proven to have real-world value – Ukraine is using cryptocurrencies and NFTs to raise funds for its resistance to Russia.