The government of the United Kingdom has announced the introduction of a large ‘Royal Mint’ NFT, which will be issued by the summer. Her Majesty’s Treasury declared its intention on Twitter, noting that it “shows the forward-looking approach we are determined to take toward cryptoassets in the UK.”
Shortly after the initial tweet, a second one appeared, inviting followers to more information on the government’s plans to “make the UK a global cryptoasset hub.” The Treasury’s strategy includes integrating “Stablecoins” into law and legislation for a “financial market infrastructure sandbox” to assist enterprises experiment in the crypto field, according to the page.
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Royal Mint NFTs – Bad Timing
The UK government’s announcement of an NFT project comes at an unfortunate time. The average sale price of an NFT fell by nearly 60% between the first quarter of 2022, according to Fortune, while the entire market value of NFTs fell from $23 billion to $10 billion. The abundance of scams that have wrecked the reputation of NFTs.
The United Kingdom is currently facing an unprecedented budget crisis. The government has yet to clarify how its NFTs would work or what they will do with the money they earn.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
The announcement exemplifies everything that people seem to hate about NFTs. They give no explanation of what they are or what you get if you invest. The most common cause of misunderstanding is that it’s a deception design that funnels money upward in an untraceable manner to a small group of people. The UK government will almost certainly release further information soon.
NFT
NFTs are cryptographic tokens based on the blockchain. A blockchain is a distributed ledger of transactions that is immutable over time. Decentralized blockchains account for the vast majority of all blockchains. This means that a variety of entities own and control them.
A “token” is a one-of-a-kind sequence of numbers that an AI can randomly assign to someone’s blockchain “wallet.”
NFTs are not fungible because they are all unique in some way. It can’t be replaced with a similar item or cash. It can’t be replaced with something similar or money. For example, a $1 bill is exchangeable for any other dollar bill and retains its worth. Money, gold, and chickens are all fungible. Remember that NFTs can be purchased and sold in US dollars, Bitcoin, or Ethereum.
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