The Treasury’s announcement that it has asked the Royal Mint to create a non-fungible token is testament to the growing influence of crypto assets in the UK, says deVere Group.
Earlier this week, Chancellor Rishi Sunak said he had asked the 1,136 year old institution to create an NFT so it could be issued this summer.
An NFT is a digital asset that can be an image, audio clip or GIF and whose ownership is recorded on a tamper-proof digital ledger known as a blockchain.
James Green, Europe and Latin America director of deVere Group, said: “This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK. NFTs – the hottest new asset class – are often wrongly seen as the niche domain of young, tech gurus in Silicon Valley, hipster artists and on-trend social media influencers.
“But the decision taken by the Treasury to get a clunky old Institution such as the Royal Mint involved in the digital asset space underscores how the market is much more than a niche, fad or bubble. It highlights that NFTs are on the cusp of becoming a mainstream investment opportunity and as such, is evidence that investors should now be considering including them in their portfolios.
“These digital assets are immutable and exchangeable, offering a store of value and potentially decent source returns.”
Earlier this month, deVere Group launched a non-fungible token platform dV Gems that aims to give investors access to the emerging asset class.
deVere Group CEO Nigel Green commented: “Uniquely positioned to help investors see value and opportunity in a digital era, dV Gems will provide immediate access to the decade’s hottest emerging asset class – an asset class that will become a standard feature of investment portfolios within a few years.”
[Main image: andrey-metelev-yscrM1AOEKI-unsplash]
