Forget brands, now even governments are looking to join in on the non-fungible token craze.
With the success of artist-led efforts, including Beeple’s remarkable US$69 million jpeg, as well as Ukraine’s Museum of War meant to raise funds for its war efforts, it’s hardly surprising other global authorities want a piece of the pie.
Chancellor Rishi Sunak has tasked the UK Royal Mint with creating the country’s first official NFT, slated to be released this summer.
In addition, the nation will move to recognize stablecoins—cryptocurrencies tied to traditional fiat currencies—as a legitimate form of payment in hopes of becoming a global hub for virtual technology and investment.
“We want to see the businesses of tomorrow—and the jobs they create—here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term,” said Sunak.
“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation,” he added.
At the moment, nothing is known about the NFT and what form it’ll take, only that the asset will serve as an emblem representing the “forward-looking approach” the country is taking to welcome the metaverse.