{"id":382092,"date":"2023-03-29T08:46:44","date_gmt":"2023-03-29T08:46:44","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=382092"},"modified":"2023-03-29T08:48:04","modified_gmt":"2023-03-29T08:48:04","slug":"uk-govt-abandons-initial-plans-to-launch-nfts-fears-market-uncertainty","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/uk-govt-abandons-initial-plans-to-launch-nfts-fears-market-uncertainty","title":{"rendered":"UK Gov\u2019t Abandons Initial Plans To Launch NFTs, Fears Crypto Market Uncertainty"},"content":{"rendered":"<p>The United Kingdom government, through its Treasury Select Committee, has abandoned initial plans to create non-fungible tokens. The United Kingdom government announced plans to create NFTs in April 2022.<\/p>\n<h2>UK Gov\u2019t Abandons Plans To Launch NFTs<\/h2>\n<p>According to a BBC report <a href=\"https:\/\/www.bbc.com\/news\/uk-politics-65094297\">published<\/a> on March 28, the government has backtracked on creating NFTs following a lengthy consultation with the national treasury. But, the government has kept the proposal under review for further determination.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">UK government is bullish on NFTS <a href=\"https:\/\/t.co\/hFE6HzCGKg\">https:\/\/t.co\/hFE6HzCGKg<\/a><\/p>\n<p>&mdash; The Rose Knight Foundation &#8211; TRKFNFT.ETH (@TRKFNFT) <a href=\"https:\/\/twitter.com\/TRKFNFT\/status\/1640527661494681601?ref_src=twsrc%5Etfw\">March 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The United Kingdom announced plans to launch NFTs earlier last year, following the then-extended crypto market hype that attracted several firms, governments, businesses, and institutions. The plans were also backed by the then chancellor, Rishi Sunak, who has since become the UK prime minister.<\/p>\n<p>Unfortunately, the non-fungible token market has since suffered following the recent market downturn, which has left many NFT projects shedding more than 70% of their value. While explaining the main reason for abandoning the idea of NFTs, the chair of the Treasury Select Committee remarked:<\/p>\n<blockquote><p><em>\u201cWe have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money.\u201d<\/em><\/p><\/blockquote>\n<p>The NFT adoption was part of a series of initiatives to make the United Kingdom a global tech hub. The governments also hinted at setting a suitable regulatory framework for stablecoins and creating a financial infrastructure to help firms build around cryptos.<\/p>\n<h2>Other Nations That Have Adopted NFTs<\/h2>\n<p>In recent years, several nations have embraced the NFT and metaverse to build their economies. Last year, The Crown Prince of Dubai announced the creation of an NFT project, &#8220;Dubai Metaverse Strategy,&#8221; to boost the GDP contribution of the United Arabs Emirate.<\/p>\n<p>In October 2022, Norway partnered with the Decentraland platform to create a tax office in the metaverse. The Norwegian government anticipated leveraging the metaverse functionality to reach its next generation of users.<\/p>\n<p>Earlier this year, South Korea launched a replica of its capital city, &#8220;Metaverse Seoul.&#8221; The new metaverse aimed to improve the efficiency of public administration services, including citizenship, tax counseling, and youth mentoring.<\/p>\n<p>Other countries that have adopted NFTs and the metaverse include Japan, which adopted NFTs to reward local authorities last year, Hong Kong, which allocated $6 million in its 2023 -2024 annual budget to fund its future metaverse plans and Saudi Arabia, which teamed up with Animoca Brands last month to launch an NFT project.<\/p>\n<h3>Related News<\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/uk-is-becoming-the-china-of-europe-find-out-why\">UK Is Becoming The China Of Europe-Find Out Why<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/yuga-labs-otherside-releases-its-highly-anticipated-legend-of-mara-nft-game\">Yuga Labs\u2019 Otherside Releases Its Highly-Anticipated Legend of Mara NFT Game<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/binance-announces-global-launch-of-its-ai-powered-nft-creator-bicasso\">Binance Announces Global Launch Of Its AI-Powered NFT Creator Bicasso<\/a><\/li>\n<\/ul>\n\n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The United Kingdom government, through its Treasury Select Committee, has abandoned initial plans to create non-fungible tokens. The United Kingdom government announced plans to create <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/uk-govt-abandons-initial-plans-to-launch-nfts-fears-market-uncertainty\" title=\"UK Gov\u2019t Abandons Initial Plans To Launch NFTs, Fears Crypto Market Uncertainty\">[&#8230;]<\/a><\/div>","protected":false},"author":1882,"featured_media":382097,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-382092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK Gov\u2019t Abandons Initial Plans To Launch NFTs, Fears Crypto Market Uncertainty - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The United Kingdom government, through its Treasury Select Committee, has abandoned initial plans to create non-fungible tokens. The United Kingdom\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Gov\u2019t Abandons Initial Plans To Launch NFTs, Fears Crypto Market Uncertainty\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-29T08:46:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-29T08:48:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/UK-Drops-Initial-NFT-Plans.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"526\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Dominic Kimani\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@domkim2030\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dominic Kimani\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092\"},\"author\":{\"name\":\"Dominic Kimani\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/f16958b797c0e54baf7655a53952e3e0\"},\"headline\":\"UK Gov\u2019t Abandons Initial Plans To Launch NFTs, Fears Crypto Market Uncertainty\",\"datePublished\":\"2023-03-29T08:46:44+00:00\",\"dateModified\":\"2023-03-29T08:48:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092\"},\"wordCount\":449,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/UK-Drops-Initial-NFT-Plans.png\",\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092\",\"name\":\"UK Gov\u2019t Abandons Initial Plans To Launch NFTs, Fears Crypto Market Uncertainty - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/382092#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/UK-Drops-Initial-NFT-Plans.png\",\"datePublished\":\"2023-03-29T08:46:44+00:00\",\"dateModified\":\"2023-03-29T08:48:04+00:00\",\"description\":\"The United Kingdom government, through its Treasury Select Committee, has abandoned initial plans to create non-fungible tokens. 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