On March 28 the UK government decided to cancel its plans to create a non-fungible token (NFT) that would have been sold through the Royal Mint as digital art. The decision came less than a year after initially being announced in April 2022. Little to no work had been done regarding the development of the blockchain technology on which the NFT would have been hosted.
This information was confirmed by Andre Griffity – “In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”
Crypto Fear-Induced Decision Making
This is quite unfortunate given that the intellectual property would have most likely been the first of a slew of crypto collectibles to be minted by the Royal Mint if they had been successful. NFTs are often interlinked with artistic ownership and we all know that the value of art can exponentially increase due to its rarity.
The cancellation of the NFT most likely was influenced by recent crypto-related negative news and press which started when FTX, Celsius, and Genesis filed for bankruptcy in 2022. In 2023 Silvergate Bank filed for bankruptcy, which when combined with the recent news of Binance being sued, may have pushed the treasury to cancel the commissioned NFT.
Perhaps the decision to scrap the NFT was not induced by fear; instead it may have been canceled since no real work was done on the project – which if true would constitute fraud that would have implications of its own.
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*This article was paid for. Cryptonomist did not write the article or test the platform.