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Tuesday, March 28, 2023

NFT Plan Dropped

From the BBC, indicator of a bubble? 

NFT: Plans for Royal Mint produced token dropped

Plans for the NFT for Britain were launched when Rishi Sunak was chancellor

By Helen Catt & Sam Francis

Plans for a government backed non-fungible token (NFT) produced by the Royal Mint have been dropped, the Treasury has announced.

Rishi Sunak ordered the creation of a "NFT for Britain" that could be traded online, while chancellor in April 2022.

NFTs are assets in the digital world that can be bought and sold, but which have no physical form of their own.

The Royal Mint announced it was "not proceeding with the launch" following a consultation with the Treasury.

Economic Secretary Andrew Griffiths said the department would keep the proposal "under review".

NFTs have been touted as the digital answer to collectables, but some sceptics fear they could be a bubble waiting to burst. They have been used as speculative assets and some have sold for millions of dollars.

Responding to the announcement, Harriet Baldwin, chair of the Treasury Select Committee, said: "We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money.

"So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury."  ... ' 

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