Monday, 25 Nov 2024

UK government drops plans for NFT made by Royal Mint

UK government drops plans for NFT made by Royal Mint


UK government drops plans for NFT made by Royal Mint
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The UK government has dropped its plans to produce a non-fungible token for sale through the Royal Mint, just under a year after it first announced the project.

There is little to show for almost 12 months of work. The Mint did not produce a visualisation of what the proposed non-fungible token would look like, or any technical explanation of how it would work, what it would offer users, and what blockchain infrastructure it would be built on.

Since then, a slow-motion crisis has embroiled the sector, with FTX, Celsius, Voyager and Genesis filing for bankruptcy alongside crypto-focused banks Silvergate and Signature and Binance, the leading crypto exchange, facing an investigation from US regulators.

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