NFT
The U.Ok. Authorities was not satisfied that there would have been demand for a non-fungible token (NFT) issued by the Royal Mint, Finance Minister Jeremy Hunt stated in a Treasury Committee assembly on Wednesday.
Initially, the Royal Mint in April 2022 was tasked by then-Finance Minister, now Prime Minister Rishi Sunak to create a NFT. The federal government on Monday, nevertheless, introduced that it determined to drop the extremely anticipated undertaking.
“I feel it is a query of demand,” Hunt stated. “I feel we at all times need to be on the innovative within the U.Ok., when it comes to new know-how, however the world has modified considerably since then and we’re not satisfied that the demand goes to be there in the identical means.”
The NFT house, which attracted a great deal of celeb participation and endorsements alongside a lot media consideration, peaked in January 2022 with $5 billion in world gross sales on some days, in line with blockchain information tracker CryptoSlam. The latest 24-hour gross sales information is simply $44.3 million.
The U.Ok. authorities thus far has publicly been undeterred by the crypto winter, persevering with to insist its crypto hub ambitions stay.
