Saturday, July 20, 2024

The UK is working on its own NFT to become a world leader in encryption


The UK government has announced plans for its own NFT instrument as part of its drive to become a “global leader” in the cryptocurrency space.
Chancellor of the Exchequer Rishi Sunak – According to CNBC – Royal Mint, the government-owned company responsible for minting coins for the United Kingdom, has requested that a digital token be created and issued “by summer” and that “more details will be available very soon”.
NFTs are digital certificates that represent ownership of a virtual object such as a work of art and the use of blockchain technology, which is the basis of many cryptocurrencies. They have gained huge popularity in the past year thanks to the increased adoption of celebrities, big companies and the football world. The UK’s NFT initiative is part of a broader government effort to “lead the way” in the crypto sector, according to John Glenn The Secretary of the Treasury announced a series of actions that the state will take for digital assets, from regulatory to financial, including the creation of a cryptocurrency group that will be chaired by ministers and host members of regulators and crypto firms in the US Kingdom.
“We shouldn’t think of regulation as something rigid and rigid – added Glenn – we should think in terms of regulatory code, like computer code, which we refine and rewrite as necessary.”

What is NFT?
It is an abbreviation of “non-replaceable symbol”, which in Italian can be translated as “non-replaceable symbols”.
In other words, NFTs are unique digital objects supported by blockchain technology, which are the same cryptocurrencies as Bitcoin.
But with cryptocurrencies, NFT has little to do with it.
While the former are digital “coins” that exist in copies of identical value and in large quantities (the number of bitcoins tends to be 21 million tokens), each NFT represents something in and of itself, unique or extremely rare, that cannot be exchanged for a different one.
To understand it better, one can compare ten bitcoins with ten identical one-euro coins (in fact their value is much higher): using one of those ten instead of the other nine makes no difference.
Instead, the unique Ten Nft correspond to ten stickers from very different and rare players: each is an object in its own right, depicting a different athlete, possibly holding a limited number of series.
So they can be collected and their value goes up, like the value of a work of art.

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