How to Avoid NFT Scams
Indy

Rishi Sunak has been utterly roasted for jumping on the NFT trend at the worst possible time.

The treasury announced Royal Mint - the government owned company that produces coins - has been asked to make one of the digitised tokens which are traditionally purchased using different cryptocurrencies.

They said it will be available in the summer, so get excited.

"Chancellor Rishi Sunak has asked @RoyalMintUK to create an NFT to be issued by the summer," the department revealed.

"This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK."

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Rather than finding it "forward-looking", people thought it didn't look like the best investment given the cost of living crisis especially as Sunak was criticised for not doing more to support those in need.

People also pointed out concerns around the security of the NFT sector, not to mention their environmental impact.

Here's a taste of the reaction:




But when asked to comment, the Treasury provided this statement from Sunak:

“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

“We want to see the businesses of tomorrow – and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.

“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

A spokesperson from Royal Mint added:

“We are currently developing our first NFT (non-fungible token) range. It will be available from Summer 2022, and we will share further details in due course.

“The Royal Mint is one of the world’s leading providers of premium collectables, making this a natural progression for us. By creating NFTs we plan to help customers own digital collectables in a secure and trusted way, while engaging a new audience with The Royal Mint.”

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