The UK government has announced its plan to mint its own non-fungible-token (NFTs). Chancellor of the Exchequer Rishi Sunak has asked the Royal Mint, the government-owned body that mints coins for the UK, to create an NFT by this summer.
For the uninitiated, NFT s are any digital assets that are ‘minted’ or created on blockchain that represents ownership of virtual items. NFTs have gained alot of traction with celebrities and tech evangelists jumping into the cryptocurrency bandwagon.
John Glen, Economic Secretary to the Treasury, in his speech on Monday at the Innovate Finance Global Summit during Fintech Week 2022 said, “I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token – an NFT… to be issued by the Summer, an emblem of the forward-looking approach we are determined to take,” adding that “more details on the Royal Mint’s NFTs will be available very soon.”