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UK NFT dropped due to lack of demand, Finance Minister Hunt claims

UK NFT dropped due to lack of demand, Finance Minister Hunt claims

At a meeting of the Treasury Committee on Wednesday, Finance Minister Jeremy Hunt said that the U.K. government wasn’t convinced of the need for an NFT made by the Royal Mint.

In April, Rishi Sunak, who is now the prime minister but was then the finance minister, told the Royal Mint to make a token that could not be exchanged for money. But on Monday, the government announced that it had decided to give up on the project.

“I think it’s a question of demand,” Hunt said. “I think we always want to be at the cutting edge in the U.K., in terms of new technology, but the world has changed significantly since then and we’re not convinced that the demand is going to be there in the same way.”

CryptoSlam, a company that tracks blockchain data, says that the NFT market, which got a lot of attention from celebrities and the media, reached its peak in January 2022, when some days saw sales of $5 billion around the world. In the last 24 hours, only $44.3 million was made in sales.

Content Source: Coindesk

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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