The U.Okay. 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 stated 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 undertaking.
“I believe it is a query of demand,” Hunt stated. “I believe we at all times wish to be on the leading edge within the U.Okay., when it comes to new expertise, however the world has modified considerably since then and we’re not satisfied that the demand goes to be there in the identical method.”
The NFT area, which attracted a great deal of movie star participation and endorsements alongside a lot media consideration, peaked in January 2022 with $5 billion in international gross sales on some days, in response to blockchain knowledge tracker CryptoSlam. The latest 24-hour gross sales knowledge is simply $44.3 million.
The U.Okay. authorities up to now has publicly been undeterred by the crypto winter, persevering with to insist its crypto hub ambitions stay.