The Treasury has confirmed it remains committed to creating a government-backed non-fungible token (NFT) in order to fuel an influx of crypto-based business to the UK.

Rishi Sunak, alongside other ministers, has endorsed a UK NFT with the Royal Mint, a government-owned mint that produces coins for the UK, told to create a token by this summer, according to The Telegraph.

A spokesman from the Treasury said: “We are firmly committed to putting the UK at the forefront of crypto-asset technology and innovation by capitalising on the freedoms gained by leaving the European Union.”

The UK NFT is set to be a form of collectable digital artwork, with the Royal Mint increasing its range of collectable products.

The news comes amidst debates of a “crypto winter” with current doubts over the stability and value of cryptocurrency.

Emily Wigoder, CEO of Ad Astra, commented: ‘The U.K. Treasury’s decision to push forward with a Royal Mint NFT reflects the key point underlying continued enthusiasm for the NFT space despite the crypto crash: the utilities that are exciting within the NFT technology have not gone anywhere.

From integrating time zones and seasons into artwork through NFTs, to an ability to create art that builds identifiable and engageable communities, the opportunities for artists, galleries, brands, and governments are still vast and ready to be explored. Over the coming months, I believe we can look forward to the emergence of a range of interesting new projects in the space’ she continued.

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Treasury confirms commitment to NFT despite crypto winter