The UK government has abandoned plans to launch a non-fungible token (NFT) through the Royal Mint, following months of criticism from the opposition Labour party.
The government has confirmed that the proposal to launch a NFT through the Royal Mint is being abandoned, with economic secretary Andrew Griffith 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. The project, which is set to cost taxpayers’ money, has been met with criticism by Labour MP Tulip Siddiq, who has called it a “vanity project”.
The Treasury had requested the Mint create the token, but the project remained shrouded in secrecy. No visualisation or technical explanation was produced, leaving the Treasury in the dark about the project.