The UK dreams of becoming the ‘King of Crypto’ among the countries of the world. Countries that leave the European Union will mine their own non-fungible tokens (NFT). It is part of the UK government’s plan to become a world leader when it comes to cryptocurrencies. The UK Treasury has asked the Royal Mint, the government-owned company responsible for mining coins in the UK, to launch an NFT this summer. This was said by the city’s Minister and Secretary of the Economy, John Glen at a fintech event in London. So, no wonder right if nowadays they are surfing about Latest NFT News.
What Exactly is NFT?
Non-fungible tokens or NFTs are on the rise. From artwork, music to tacos and toilet paper, these digital assets are peddled in the marketplace. Some of them even cost millions of dollars. NFTs are digital assets that represent real-world objects such as art, music, in-game items, and videos. They are bought and sold online, often with cryptocurrencies, and are generally coded with the same basic software as many cryptos. Even though it’s been around since 2014, NFT is now becoming more popular. That’s due to the increasingly popular way to buy and sell art digitally. Surprisingly, the value of NFT trading has reached USD 174 million since November 2017.
Cryptocurrencies in England?
England does seem very serious in this field. They have prepared a number of steps regarding the development of crypto there. Among other things such as bringing Stablecoin into regulation on electronic payments, asking legal commissions to consider the legal status of blockchain-based communities. Then form a Cryptoasset group which will be chaired by British ministers and regulators as well as stakeholders in the crypto business. To enable the application of blockchain technology in issuing debt instruments.
Stablecoins are now a rapidly growing but controversial phenomenon in the crypto world. Tether, the world’s largest stablecoin, has an outstanding supply of over US$80 billion. But it has sparked criticism over the lack of transparency around the token-backed reserves. The government is now ready to bring stablecoins into the UK regulatory system.
Blockchain in Europe
The National Institute for Research and Development of Informatics Romania has announced a new national program utilizing blockchain technology. This technology will be used to access, transfer, and store official documentation of its citizens.
Dubbed the ‘National System for Romanian Publishers and Assets’ (NSIDA), this effort has the ultimate goal of increasing the ability to obtain and manage important government documentation such as birth certificates, driver’s licenses, and land or property certificates. The NFT will be the medium on which the documents are stored, with each form expected to be assigned a non-interchangeable equivalent which will be stored on the Elrond blockchain. The Elrond blockchain is known to be highly scalable and environmentally friendly.
Even so, the state still enforces physical documents. This effort will also include the launch of an exclusive and secure NFT marketplace where citizens will be able to obtain verified government documents without having to undertake the arduous task of visiting official offices to collect them in person.
In the future, and following the launch of NSIDA (which has not yet been given an initiation date), ICI will explore how to use Elrond’s services even further. This is to build a decentralized network for important public resources in the country.
Such use of blockchain technology, which many NFT enthusiasts have always envisioned. This is a prime example of how Web3 is truly the next stage in the evolution of technology in human society.
NFT in the Future
Have you ever thought, one day there is an item the price of a cruise ship but has no form? An item that can be owned, but cannot be touched? Now in the digital era, almost all goods and services that we usually use can be accessed through an application or website on the internet. One of the everyday items that have evolved from this digital age is money.
In general, the money we often encounter is just a piece of paper with the nominal and bank of the currency written on it. Meanwhile, nowadays money has the form of digital money which is usually found in e-money or e-wallet applications. Over time, not only money is affected by digitization, now works of art also have digital forms that have economic value and can be traded like works of art in the real world. This causes the trend of the world economy to increasingly shift to asset digitization and NFT or Non-Fungible Token is one of the products of this trend.
Initially, the NFT concept began in 2012 which at that time still used the term Colored Coin. The actual function of the Colored Coin is as a medium that represents goods in the real world and as a sign of ownership of an asset such as precious metals, cars, houses, and even corporate bonds. With the Blockchain party recording every change of ownership of these digital assets, the Colored Coin system is guaranteed to be very safe.
Since then, Colored Coin has continued to change until 2017 when two digital artists named John Watkinson and Matt Hall created 10,000 digital characters which later became the standard for ethereum tokens (a type of cryptocurrency) and became the forerunner of modern NFT.
Then in 2018 to 2020 NFT slowly gained public attention due to an artist named Kevin Abosch holding a charity auction of his work entitled The Forever Rose which sold for one million US dollars. Simultaneously with this incident, NFT experienced a very significant increase in popularity until in early 2021 yesterday, NFT is now known by the majority of people in various parts of the world, especially those who are active in the economic field.
