Wednesday, November 30, 2022
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Is the UK still dedicated to NFTs?

More and more countries are doing their best to integrate the web3. Some countries choose to create metaverses, others create cryptocurrencies and still others choose NFTs. As for the UK, the election is tilting towards NFTs, especially as the country has a new Prime Minister. As you will have understood, the country is still as serious in this area and here are the details.

NFT for Great Britain

According to reliable sources, the “NFT For Britain” project created by the Prime Minister of Great Britain, Rishi Sunak, will develop despite the current state of the NFT market. Also, even though this project is 6 months late, things will not start from scratch and they will evolve one way or another. Today it is understood that the Treasury said Mr Sunak had asked the Royal Mint to create an NFT which has no relation to Queen Elizabeth and it could soon be officially launched.

An innovative national project

The Royal Mint is responsible for the production and distribution of the UK’s NFT, and the first series of NFT should have been issued last summer. Unfortunately, as the NFT market is currently volatile, the delay is considered normal. Also, when you think about it, it is a blessing in disguise, as when the market emerges from its current difficulties, UK NFTs could be ready for those interested and for the country.

A new digital currency may emerge

Ambitious, the current Prime Minister wants to make the UK the world’s leading crypto-asset power. He was still only chancellor when he started working with people to create a digital currency that goes by the name of Britcoin. It is a stablecoin modeled after the exchange rate of the pound, and today there is even a bill concerning the services and financial markets to regulate cryptocurrencies and their free exchange.

Sunak could bring a real revolution

Rishi Sunak is a big fan of web3 products, he firmly believes that web3 is not just a fad, even though the British Army was hacked because of it. Moreover, it is no secret that in his previous role as UK Chancellor of the Exchequer, Sunak has found new ways to integrate digital currencies into the economy. Sunak has always shown his interest in stablecoins. By the way, keep in mind that he almost implemented Britcoin, although the idea is not very popular yet.

If things go according to Rishi Sunak’s idea, people in the UK will soon be able to pay for their food, rent and other commodities with cryptocurrency. Separately, several crypto analysts have identified a few areas where Sunak could potentially improve the UK’s position when it comes to web3 products.

Victoria

I am passionate about cryptos, NFTs and more generally everything related to Blockain and I share all my advice with you on my blog! Please note, I am not an expert and what I say should definitely not be taken as absolute truth. I am not an investment advisor 🙂

Also find my articles on my LinkedIn account!

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