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UK Government Quashes NFT Plans
In an important development, the UK government announced on Monday to reverse its decision, taken a year ago, to produce a non-fungible token for sale through the Royal Mint.
Treasury’s economic secretary, Andrew Griffith, confirmed the withdrawal while responding to a question from the Conservative MP Harriett Baldwin.
Griffith stated, “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.”
The decision has come after almost 12 months of inaction on the development of the NFT by the Royal Mint. It has been reported that the Royal Mint was yet to show what the proposed NFT would look like. Moreover, no information was shared about how the NFT will function and what it would offer its users. The Royal Mint also didn’t tell which blockchain infrastructure it was planning to build the NFT on.
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*This article was paid for. Cryptonomist did not write the article or test the platform.