‘NFT for Britain’ still going ahead despite concerns

Rishi Sunak’s proposed NFT has not been shelved and is still under development.

UK Prime Minister Rishi Sunak’s proposed ‘NFT for Britain’ is still under development despite the recent collapse of the crypto artwork market and calls to shelve the project.

The new prime minister proposed the digital artwork when chancellor in a bid to capitalise on the frenetic NFT market back in April after seeing global brands make their moves.

However, Premier League football clubs, as well as other Britain-based celebrities and influencers have come under increasing pressure to drop NFTs as they are seen as a ‘risky form of investment’.

Opposers including shadow chancellor Rachel Reeves dismissed the move as a vanity project by Sunak. While other sources claim its “a particularly inefficient use of the government’s time”.

But according to British website i it’s full steam ahead despite both the project being behind its deadline and Sunak’s recent unveiling as prime minister.

The Treasury had said Sunak “asked the Royal Mint to create an NFT” that would be issued by the summer to “show the forward-looking approach we are determined to take towards crypto assets in the UK”.

Sunak previously lived in the heart of Silicon Valley and still envisions Britain as a potential tech hub. The Royal Mint still holds responsibility for the creation of the ‘NFT for Britain’.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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