- UK’s high official disclosed that the UK government will release its own non-fungible token (NFTs). The Royal Mint NFT collection will reflect the country’s forward-looking approach, more details to be released soon.
NFTs are ownership certificates of digital assets or tokenized physical assets backed by blockchain technology. Many utilities are tied to these assets to intrigue more people to buy and build a community through an ongoing common interest. Ticketmaster uses NFTs to issue tickets to events, Twitter uses NFTs as PFPs, and Spotify uses NFTs as album covers. However, government-issued NFTs should offer more than that.
Royal Mint NFT Collection
Rishi Sunak, former finance minister of the UK, asked the issuer of the British Coin the Royal Mint to develop NFTs. But the finance minister had to resign after the resignation of Boris Johansson. How these NFTs will look like, what utilities they’ll be offering, and on which chain they’ll be offered? All these details are still missing for now. Nevertheless, experts are making their own guesses and they think that these assets will encompass both utilities and the community.
The experts say that NFTs might offer NFT-gated access to different royal events and might even extend to moments with the queen. The UK mint club stated that it is working on various NFT projects right now but didn’t disclose any other information regarding their use cases. Rishi Sunak acknowledged cryptocurrency and wanted the country to become the crypto hub, debuting through this Royal Mint NFT collection.
Crypto is winning adoptions worldwide and the UK could be the next addition to the list. Even though NFTs belong to the blockchain family they are a lot different than crypto coins, and no one has worked on making these digital assets mainstream as yet. This is their unexplored utility. With the UK pioneering the way, this can encourage projects to drop real utilities to pave the ways for the NFTs to become mainstream.
Yesterday Liz Truss was elected a new UK Prime Minister and today she succeeded Boris Johnson. Every government has its own agenda, so no one has a clue whether this ‘NFT Teaser’ has a future or not. This is now an open question for all and the new government might look into this state-backed blockchain venture. If the Royal Mint NFT collection is launched, it will surely create hype regardless of what it offers as utilities.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.