The UK is canceling its NFT project.

The UK Treasury is playing loose with its plans for web3. 

The UK’s economic secretary cited the increasing uncertainty in the cryptocurrency market.

Many thought the appointment of a crypto-friendly Prime Minister would propel web3 adoption in the United Kingdom. However, despite announcing to become a global crypto hub, the UK is rolling back on its promises by shelving its web3 initiatives, including its government-backed NFT project.

NFTexit

On Monday, 27 March, The UK Treasury announced that it is canceling its plans to release government-backed NFTs initially proposed by Prime Minister Rishi Sunak. 

The Web3 Visionaire Prime Minister first ordered the creation of “NFTs for Britain” in April 2022 when he served as chancellor of the Exchequer, the equivalent of a chief financial minister. 

Sunak tasked the Royal Mint to kickstart the NFT project by the summer of 2022 as part of the government’s initiative to turn the UK into a global crypto hub. However, the Royal Mint ultimately failed to meet deadlines. 

When asked about plans for the NFT,  The UK economic secretary Andrew Griffith explained that the Royal Mint is not progressing with its proposal. However, Griffith added that the initiative would remain under review. 

Additionally, Harriet Baldwin, Chair of the Treasury Select Committee, shared that the government’s chief financial minister would be questioned if issuing the NFT remains a priority for his department. 

In a report to the BBC, the Parliament Member cited the dwindling performance of the cryptocurrency sector as a factor in halting progress. 

"We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money. So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”

While the parliament members have been vocal about rolling back on their proposal, the details remain vague. 

Ambiguous Project Meets an Ambiguous End?

Not much has been shared about the “NFTs for Britain” campaign. The Royal Mint and UK Treasury have yet to elaborate on what their NFTs would offer and how users would use them. 

When initially proposed, the Royal Mint stated that more details would be announced soon. However, they have yet to see the light of day. Subsequently, opponents of the plan criticized then-chancellor Rishi Sunak’s priorities, pointing out the cost of living crisis in the country. 

On The Flipside

In October 2022, Prime Minister of Japan Fumio Kishida proposed a digital solutions plan that included NFTs and the metaverse. 

Why You Should Care

The incumbent government is actively taking steps to regulate the crypto asset market to become a crypto-friendly nation. However, the United Kingdom pulling back on its web3 promises could lead to it backtracking from its other proposals. 

The United Kingdom is testing CBDCs:

UK Consortium Announces Project New Era, Ready to Test Out Digital Sterling 

Read how a CryptoPunk owner accidentally burned his NFT: 

CryptoPunk Owner’s $100k Blunder: How to Keep Your NFTs Safe