Plans for a government-backed non-fungible token (NFT) produced by the Royal Mint have been dropped, according to a statement from the Treasury.

Chancellor Rishi Sunak had ordered the creation of an "NFT for Britain" that could be traded online in April 2022. However, following a consultation with the Royal Mint, the Treasury announced it was "not proceeding with the launch." Economic Secretary Andrew Griffiths stated that the proposal would still be kept "under review." NFTs have been touted as the digital answer to collectibles, but some skeptics fear they could be a bubble waiting to burst.