Treasury abandons plans for NFT
The Treasury has scrapped plans for the Royal Mint to create its own non-fungible token (NFT).
It comes less than a year after Britain’s official coin-maker was tasked with selling the Government-backed token, a project Rishi Sunak previously said was “an emblem of the forward-looking approach the UK is determined to take”.
The Mint also hoped that creating NFTs would attract a new audience and help customers own digital collectables in a secure and trusted way.
NFTs use technology behind cryptocurrencies such as Bitcoin to confer ownership of digital items such as artwork or virtual clothing.
However, the Treasury has now confirmed it is no longer proceeding with the NFT launch at this time, following a consultation with the Royal Mint.
The proposal will be kept “under review”, a Royal Mint spokesman said on Monday.