The UK wants to launch its own NFTs in just months
Published on Apr 07, 2022 at 2:20 AM (UTC-4)
by Alessandro Renesis
Last updated on Apr 08, 2022 at 2:17 AM (UTC-4)
Edited by
Alessandro Renesis
The year for decentralised finance and NFTs was 2021, and experts correctly predicted that sooner or later entire countries would begin adopting crypto as well as Web 3.0 technologies at an institutional level.
El Salvador famously kick-started the trend by making Bitcoin legal tender in June last year, followed by more relevant geographies such as the city of Lugano in Switzerland.
And now the UK, arguably one of the world’s most important financial hubs, has decided to launch its own NFTs.
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UK Chancellor of the Exchequer (finance minister) Rishi Sunak has officially asked the Royal Mint to create NFTs “by the summer” and City Minister John Glen added the UK “wants to lead the way” in the Web 3.0 era, and “more details will be available soon”.
Glen said the creation of NFTs was just one of many steps to regulate and utilise digital assets, and he said the country was exploring the possibility of making stablecoins (cryptocurrencies pegged to a ‘conventional’ currency, typically the USD) legal tender.
The Royal Mint was established more than 1,100 years ago and it is a government-owned manufacturer of medals, precious bullions and coins, so this is kind of a big deal.
Most people associate NFTs – the acronym stands for non-fungible tokens – with digital art, but an NFT is essentially a line of code to which you can attach anything from official documents, to digital art and music.
It is blockchain-verified and it can’t be altered, in other words it utilises technology, not a decree or a mandate, to guarantee permanent authenticity and ownership.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
