Why is the UK government getting into NFTs and is it a good idea?

The UK has announced plans to create its own non-fungible tokens in a bid to demonstrate its enthusiasm for cryptocurrencies

By Matthew Sparkes

The UK government is going to launch a range of NFTs, the controversial digital ownership tokens that have been embraced by artists and technology-savvy investors but criticised by environmental campaigners for rapacious energy consumption.

What is an NFT?

A non-fungible token (NFT) is a cryptographic claim of ownership, similar to the deed to a house, that is encoded into a blockchain, meaning that it cannot be altered. Typically it is used to denote ownership of something physical or purely digital, …