The UK government’s plans to launch a non-fungible token (NFT) through the Royal Mint have been abandoned, following months of criticism from the opposition Labour party.
Economic secretary Andrew Griffith confirmed the abandonment, stating that the Mint will keep the proposal under review.
The proposed NFT project was first announced in April 2022 by former chancellor Rishi Sunak, just weeks before the collapse in value of cryptocurrencies. Labour MP Tulip Siddiq condemned the decision, calling the project a “vanity project” and a waste of taxpayers’ money.
The Treasury had requested the Mint create the token, but the project was shrouded in secrecy. No visualisation or technical explanation was produced, leaving many questions unanswered.