The UK wants to launch its own NFTs in just months

by | Apr 7, 2022 - 10:20AM | Tech

Big Ben is pictured in London, UK, with an inset of Stablecoin. The UK wants to launch its own NFTs.

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.

READ MORE: Lionel Messi strikes $20 million deal to join sport-themed crypto platform

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.

FOLLOW US ON
FOLLOW US ON GOOGLE NEWS

Related Posts

Check this out

Mercedes and Virgil Abloh create the most luxury off-roader ever

Mercedes and Virgil Abloh create the most luxury off-roader ever

At almost 6 metres long and decked out with its very own axe, the hotly anticipated Project Maybach is finally here.  Mercedes-Benz today officially launched its coupe concept in honor of fashion designer Virgil Abloh, who died from cancer in November last year....

16 most unhinged things mechanics have seen roll into the shop

16 most unhinged things mechanics have seen roll into the shop

It's safe to say every mechanic out there would have their fair share of stories to tell. From rust and dangerously bald tires to animals and dodgy DIY repairs, some mechanics have seen it all. Fortunately (or unfortunately) thanks to the power of Reddit, the just...

Tech guru builds remote-controlled KITT from Knight Rider

Tech guru builds remote-controlled KITT from Knight Rider

KITT is one of the most famous cars ever seen on TV screens, and this guy just built his own RC version of it controlled by an old-school Super Nintendo controller. For the '80s and '90s kids, your dream car was either KITT or the DeLorean from Back to the Future. And...

James Bond stuntwoman’s mind-blowing test of new Range Rover Sport

James Bond stuntwoman’s mind-blowing test of new Range Rover Sport

There's a new Range Rover Sport and what better way to show it off than a James Bond-style stunt. Land Rover decided to demonstrate the 2023's raw power by having official James Bond stunt driver Jessica Hawkins drive it up the flowing spillway of Kárahnjúkar Dam in...

Vietnamese mates make a Bugatti Chiron from clay and fiberglass

Vietnamese mates make a Bugatti Chiron from clay and fiberglass

Owning a $3.3 million Bugatti Chiron is something many dream of, but even fewer will ever actually realize as only 500 will be made. However that hasn't stopped a group of friends from a small rural village in Vietnam from achieving that dream as they took matters...

This dad built his son a Lamborghini Vision GT in 96 days

This dad built his son a Lamborghini Vision GT in 96 days

This doting dad has taken on an ambitious task and built his son a Lamborghini Vision GT in just 96 days. The incredible feat was documented in a 14-minute video by YouTuber ND - Woodworking Art. Lamborghini created the original concept car after it was designed for...

F1 world champ Max Verstappen’s insane mud buggy stunt

F1 world champ Max Verstappen’s insane mud buggy stunt

Things are heating up in Florida ahead of the much-anticipated debut Formula 1 Miami Grand Prix, and Red Bull ace Max Verstappen is getting into the Florida spirit ahead of the race. The team has taken to Instagram to showcase reigning world champion Verstappen...

Conor McGregor shows off his new custom $4m Lamborghini yacht

Conor McGregor shows off his new custom $4m Lamborghini yacht

Former UFC champion Conor McGregor has taken to Instagram to show off his new Lamborghini yacht, which he dubs the "supercar of the sea." Having waited to take delivery of the yacht for nearly a year now, the Irish fighter couldn't wait to get behind the wheel of the...

Tesla boss Elon Musk buys Twitter in $44 billion deal

Tesla boss Elon Musk buys Twitter in $44 billion deal

Tesla billionaire Elon Musk will be the new owner of Twitter. After lengthy negotiations with the social media giant's board, Musk's proposed bid of about $44 billion was accepted. "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town...

Rare $7,500 Porsche Design watch is inspired by Top Gun

Rare $7,500 Porsche Design watch is inspired by Top Gun

Porsche Design has launched a new chronograph inspired by a very specific 1972 model that collectors have been lusting after for decades. It ain't exactly cheap, coming in with a hefty price tag in excess of $7500, but it may be worth it because this is a collector's...

Ferrari Roma unofficial renderings depict a race-ready supercar

Ferrari Roma unofficial renderings depict a race-ready supercar

There's a pretty cool set of renderings doing the rounds of a race version of the Ferrari Roma. As you can see, it looks like an absolute beast. Called the Roma XX, the supercar features an aggressive aerodynamic package, a lowered suspension, and other tweaks here...

‘Sounds like a laxative’: 14 hilarious Fast X fan reactions

‘Sounds like a laxative’: 14 hilarious Fast X fan reactions

The family is back, living their lives a quarter of a mile at a time. Fast and Furious megastar Vin Diesel, who plays Dominic Toretto, has announced the title of the 10th movie installment in the multibillion-dollar franchise, confirming it’ll be named Fast X....

Denzel Washington’s Porsche sells for more than $400,000

Denzel Washington’s Porsche sells for more than $400,000

Denzel Washington's classic Porsche 911 Turbo sold on Bring a Trailer for a little more than $400,000, and there's a story behind that final price. The new owner paid exactly $405,993 after 29 bids, and that's the magic number: 993. READ MORE: $600k Rolls-Royce...

A new Lamborghini is coming and it’s a V10: What we know so far

A new Lamborghini is coming and it’s a V10: What we know so far

This is the first image of the new Lamborghini and it has us hyped. Sure, it's a vague and shadowy photograph that only gives you a glimpse at the rear end of the car. But that's more than enough to set the internet ablaze when we're talking about a new Lambo. And...

Porsche 718 Cayman and Boxster to go all-electric by 2025

Porsche 718 Cayman and Boxster to go all-electric by 2025

Porsche has announced huge plans for its 718 Boxster and Cayman line-up and it involves electric power. The German manufacturer said the mid-engine sports cars will be all-electric by 2025. This update comes after a long period of uncertainty over what powerplant...

5 cars with truly horrible names – what were they thinking?

5 cars with truly horrible names – what were they thinking?

There's a very good reason why legacy brands like Audi, BMW and Mercedes stick to alphanumeric names for their cars. Naming cars is a tricky business, you either get it just right and build a Jensen Interceptor or the Dodge Viper, or you get it spectacularly wrong and...

We can’t take our eyes off the gorgeous Aston Martin V12 Vantage

We can’t take our eyes off the gorgeous Aston Martin V12 Vantage

Aston Martin this month unveiled its highly anticipated V12 Vantage and we've been transfixed by it ever since. The V12 Vantage has been an Aston Martin staple for the past fifteen years but this latest edition will be the final one in the Aston Martin bloodline. To...

Top 5 highlights from the 2022 Formula 1 Bahrain Grand Prix

Top 5 highlights from the 2022 Formula 1 Bahrain Grand Prix

Formula 1 is back with a new season, new drivers and, crucially, new technical regulations. Teams are now allowed to do what they want with their cars unless otherwise stated. The thing is, the 'otherwise stated' section is packed with stringent requirements, which...

Tony Stewart is selling his Indiana Hidden Hollow Ranch

Tony Stewart is selling his Indiana Hidden Hollow Ranch

As a former racing driver and current Nascar team owner, Tony Stewart is comfortable when it comes to his wealth. When you have as much money as he does, you’re probably going to spend it on a seriously epic house. Well, that’s exactly what he did and that house...

Minecraft gamer composes a classical song using the game’s blocks

Minecraft gamer composes a classical song using the game’s blocks

A Minecraft gamer has composed a classical song using the game's blocks, putting even the work of artists such as Lewis Capaldi and Ed Sheeran to shame. The song composed is called 'Flight of the Redstone' - a spin-off of Rimsky Korsakov's 'Flight of the Bumblebee'...

The weirdest, coolest 3-wheeler in the world has just been upgraded

The weirdest, coolest 3-wheeler in the world has just been upgraded

The Slingshot is a retro-futuristic, Batmobile-looking three-wheeler made by Polaris and now there's a new, improved model called the Signature LE. The spectacular three-tone exterior combines black and red paint with matte bronze accents, and is of course fitted with...

Volvo to release 5 brand new electric vehicles

Volvo to release 5 brand new electric vehicles

Swedish car maker Volvo is accelerating at full speed towards an electric future. As part of its recently announced plans to go fully electric by 2030, Volvo has also revealed that it will release five brand new electric vehicles. The automaker confirmed that the...

8 films where you just have to root for the villain

8 films where you just have to root for the villain

Usually we want the good guys to win. But from time to time, a film comes along where you just can't help but root for the villain. Be it because the villainous actor is so brilliant, the main hero isn't cutting the mustard or we're just channelling our inner Sith...

5 video games that deserved sequels and never got them

5 video games that deserved sequels and never got them

The video game industry is much like the movie industry. You can have a hit game loved by both fans and critics alike, but sometimes the stars don’t align and the series ends on a high note with no sequel - much to fans' frustration. So we’ve gathered a list of games...