UK NFT Dropped Over Lack of Demand, Finance Minister Hunt Says


The U.Ok. Authorities was not satisfied that there would have been demand for a non-fungible token (NFT) issued by the Royal Mint, Finance Minister Jeremy Hunt mentioned in a Treasury Committee assembly on Wednesday.

Initially, the Royal Mint in April 2022 was tasked by then-Finance Minister, now Prime Minister Rishi Sunak to create a NFT. The federal government on Monday, nonetheless, introduced that it determined to drop the extremely anticipated venture.

“I believe it is a query of demand,” Hunt mentioned. “I believe we at all times wish to be on the innovative within the U.Ok., by way of new know-how, however the world has modified considerably since then and we’re not satisfied that the demand goes to be there in the identical approach.”

The NFT house, which attracted a great deal of superstar participation and endorsements alongside a lot media consideration, peaked in January 2022 with $5 billion in international gross sales on some days, in line with blockchain information tracker CryptoSlam. The newest 24-hour gross sales information is simply $44.3 million.

The U.Ok. authorities so far has publicly been undeterred by the crypto winter, persevering with to insist its crypto hub ambitions stay.

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