The NFT project, Royal Mint, has been canceled by the government of the United Kingdom. Originally set for release in the summer of 2022, the decision to cancel has been made by the UK treasury and was announced by the Economic Secretary of the Treasury, Andrew Griffith. The decision has left many of the NFT community wondering what happened.
The project has been in question by lawmakers since April 2022, when it was first announced. Many of those opposed to the collection expressed skepticism at the current market and at NFT technology in general, citing little evidence that this is where consumers should be investing their money right now. Concerns have also been raised about some of the more recent crypto events, such as the implosion of FTX, which led to many governments promising more regulations in the space. Therefore, the UK government selling NFTs has complicated things. Many argue that they should be focused on regulating digital assets, rather than selling them to the public, and the government profiting from NFT sales would mean a conflict of interest.
As of the time of writing, the UK government's Royal Mint NFT project is under review.
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