You read that right; NFTs are about to get the royal treatment. Despite the many doubts that have followed the NFT space since its inception, it has continued to reach more milestones and be embraced by institutions around the world.
One of the newest places where NFTs are being shown love is the United Kingdom’s Royal Mint, the institution that produces coins for the country. According to the U.K’s Finance Minister Rishi Sunak, he had asked the Mint to begin the creation of an NFT and it seems these calls have been answered.
As per an official announcement from the Mint, it will be developing an NFT that will be available for sale this summer.
The U.K’s Royal Mint is known for its limited-edition coins, as well as the widely-circulated ones for everyday use. Special coins have been minted to commemorate important events such as the Queen’s birthday and Royal weddings. Now, NFTs will be added to the mix.
While it was not explicitly stated, it is likely that these NFTs will be limited edition items, given the use of NFTs for collectables. According to the announcement, this is also a move towards a more pro-crypto landscape in the United Kingdom.
“This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK,” the official tweet said.
NFT lovers inside and outside of the U.K have been excited since the news was announced and for good reason. First, it shows a certain level of validation that the NFT space has been able to achieve.
For a lot of NFT critics, a common argument is that while private establishments all over the world might love NFTs, they are still viewed with suspicion by world governments. This, they claim, is proof of NFTs being a scam or fad.
With a government institution as respected as the U.K’s Royal Mint publicly endorsing NFTs, they receive further credibility. Also, NFT lovers can get their hands on limited edition NFTs connected to U.K culture.
2022 is a big year for the U.K, with the Queen’s Platinum anniversary holding this year. Along with the physical coins that will be minted for the occasion, a custom NFT commemorating the event will be high in demand among collectors.
The United Kingdom: The Next Crypto Haven?
Besides this recent announcement of the Royal Mint’s NFTs, there has been more discussion about making the U.k as a whole more friendly to the blockchain industry. Economic secretary to the Treasury John Glen, for example, has said that regardless of the polarizing nature of cryptocurrency, the U.K needs to position itself as a crypto hub.
While Glen acknowledged the complexity of the matter, he has made his stance clear.
“[..] we want this country to be a global hub – the very best place in the world to start and scale crypto-companies. If there is one message I want you to leave here today with, it is that the UK is open for business – open for crypto businesses,” he said in a recent speech.