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The UK government has dropped its plans for the Royal Mint NFTs, which were proposed by the then-chancellor, Rishi Sunak, in April 2022. The project was supposed to enable the online trading of NFTs representing unique British assets. However, the Prime Minister later confirmed that the launch will not proceed after consultation with the Treasury. Despite this, the Economic Secretary, Andrew Griffiths, assured that the proposal will remain under review.
The decision was met with scepticism by Harriet Baldwin, the chair of the Treasury Select Committee, who warned people against investing in such speculative digital assets unless they are willing to accept the risks associated with them.
Non-Fungible Tokens (NFTs) are digital assets that provide proof of ownership or authenticity of unique items like artwork, music, videos, tweets, and virtual real estate in online games. Each NFT is created using blockchain technology, which makes them unique and irreplaceable.
NFTs are bought and sold on blockchain marketplaces, and their ownership is recorded on a public ledger, allowing anyone to verify their authenticity and ownership.
The UK government's decision to abandon the Royal Mint NFTs project could be attributed to the significant drop in NFT prices last year following the FTX crash. Additionally, the current cost-of-living crisis in the country could be another factor for the government's reluctance to invest in cryptocurrencies and NFTs.
Big Eyes coin (BIG), which is still in its ICO phase, has announced the launch of its own NFTs. The meme coin has raised $32.67 million in its presale and aims to provide its community, the kitty cuddlers, with a fun earning experience.
Big Eyes Coin has always prioritised its community and offered promotional codes, bonuses, and loot boxes since the beginning of the ICO. The NFTs, which will be launched on March 31st, can be minted on the Ethereum Blockchain, and each loot box contains a custom and unique card. When the loot box is opened, the user receives both cards and BIG tokens. The user can mint the card on the ETH blockchain using the enable mint option, and the NFTs are listed on Opensea, the Ethereum NFT marketplace. Each NFT can be minted for 0.05 ETH, demonstrating Big Eyes Coin's growth in the meme coin market.
In the last quarter of 2022, the Shiba Inu NFT, known as Shiboshi, was launched on the ShibaSwap exchange. The ShibArmy is particularly interested in these NFTs, which represent a significant aspect of the meme coin, as they allow for a name change after burning SHIB. The Shiboshi club has recently launched its own Twitter account, which features an engaging social media presence that is sure to increase the NFT's popularity and that of the meme coin.
While the UK government has not yet launched its own NFTs, the success of meme coin NFTs such as Shiba Inu and the upcoming Big Eyes Coin demonstrate that they are gaining the trust of the cryptocurrency community. As the market continues to evolve, it remains to be seen whether the UK government will re-evaluate its position on NFTs and cryptocurrencies.
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
