UK Shuts Down NFT Project: Web3 Vision Fades into Uncertainty

• The UK Treasury is suspending its plans to release government-backed NFTs after Prime Minister Rishi Sunak initially ordered the Royal Mint to create them in April 2022.
• Economic Secretary Andrew Griffith explained that the Royal Mint is not progressing with its proposal, but the initiative remains under review.
• Harriet Baldwin, Chair of the Treasury Select Committee, cited the dwindling performance of the cryptocurrency sector as a factor in halting progress.

UK Suspends NFT Plans

The UK Treasury announced on Monday that it is canceling its plans to release government-backed Non-Fungible Tokens (NFTs), initially proposed by Prime Minister Rishi Sunak. Despite announcing its intention to become a global crypto hub, the UK is rolling back on its promises by shelving its Web3 initiatives.

Royal Mint Fails to Meet Deadlines

Sunak tasked the Royal Mint to kickstart the NFT project by summer 2022 as part of the government’s initiative to turn the UK into a global crypto hub. However, economic secretary Andrew Griffith has since revealed that The Royal Mint was unable to meet deadlines and thus will not be progressing with its proposal for now.

Uncertainty Cited As Reason For Cancelation

When asked about plans for issuing an NFT, Griffith cited increasing uncertainty in cryptocurrency markets as one reason why they have decided against proceeding with their original plan. Similarly, Harriet Baldwin, Chair of the Treasury Select Committee shared that diminishing performance of cryptocurrency could also be playing a role in halting progress on this particular initiative.

Details Of Project Remain Vague

Not much has been shared about “NFTs for Britain” since its announcement last year; even details surrounding potential cancellation remain vague and ambiguous at best.

Future Of Initiative Remains Unclear

The future of this initiative remains unclear at this point; however it does appear that both Sunak and Baldwin are open to revisiting it if there are signs of improvement in cryptocurrency performance and market stability over time.