If you are a fan of the Queen and you’re looking to commemorate her 70 YEARS on the throne with something a little more modern than a set of postage stamps, mug or specially minted coin, then an NFT might tickle your fancy – if you are one of the hip older generations perhaps.
By all accounts – i.e. a recent YouGov/Statista survey – the Monarchy itself enjoys ample support among the 65+ age group, clocking in at a very healthy 81%. Whereas 41% of the younger brigade (18-24) would prefer an elected head of state, with 31% in favour of the monarchy continuing.
From an investor perspective, the decision to acquire a Special Edition 1953-2022 Queen NFT might hinge on a variety of factors.
You might be inclined to think, “meh”, I’m not bothered either way, I have better things to think about when looking at investment opportunities.
That could also tie in with the fact that the NFT market is extremely volatile and risky.
It is also a very young market. The first NFT was created in 2014, by artist Kevin McCoy and coder Anil Dash. They hoped their system would enable digital artists to sell, track, and take ownership of their works. McCoy sold the NFT to Dash for $4 and together they coined the phrase “monetized graphics” at the launch. The audience laughed.
A year later, the first NFT project, Etheria, was born soon after the unveiling of the Ethereum blockchain. But most of the 457 hexagonal NFT tiles went unsold… until last year when there was a sudden buying frenzy as NFTs started to pique investor interest. They sold for a total of US$1.4 MILLION – in just 24 hours.
And now, as of writing, the NFT market seems to be “FLATLINING” (according to the Wall Street Journal).
That’s just a taste of how NFTs as an investment asset are in flux.
Going back to the Queen’s popularity, this could actually be a very important consideration as an investor because, should the day come when she leaves this mortal coil, then who knows how much your Platinum Jubilee NFT might be worth?
Of course, a Platinum Jubilee NFT isn’t actually a thing (yet, you never know though!) but there certainly might be some sort of commemorative NFT if the current Chancellor Rishi Sunak has his way.
In fact, The Independent put it quite explicitly claiming the Chancellor had “ordered” the Royal Mint to create a commemorative NFT, whereas the Chancellor’s economic secretary Mr Glenn put it slightly differently:
“…I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token – an NFT… to be issued by the Summer…”
A spokesperson for HM Treasury said the decision was an example of the “forward-looking approach we are determined to take towards crypto assets in the UK.”
We are still awaiting details of this Royal Mint NFT (will there be just one or a series?) but possibly what is more striking are other statements Mr Glenn made at the Innovate Global Finance Summit 2022 just last month.
For instance, he announced that the British government was “going to PRIORITISE” blockchain technology and could even issue debt and borrow money using the approach.
He also said: “…the UK has a small number of regulators” so it could take decisive action and move “very nimbly.”
“And, trust me, we have a determined, unified, single-minded government that is going to prioritise this… We are already effectively using crypto-technologies to make government more efficient.”
In particular, the government is looking at adding distributed ledger technology (DLT) to the debt issuance process.
That is pretty big news. HEAVY government regulation is well on the way. Whether that is a good thing or bad is a topic for another time.
So, back to the question would you buy a Platinum Jubilee NFT?
Maybe the answer is, “If the price is right!”
If you are seriously contemplating it, then the key, as ever, is to do your research and be cautious.
Or, heck, you might just like the idea of owning such a thing and see it as something to be proud of and possess forever!
Either way, it would certainly make a darn good ice breaker at parties!
Incidentally, it appears Anil Dash will be hanging on to his $4 original. He said in last April’s edition of The Atlantic he had no financial stake in the $1.4 million sales.
“The only NFT I own is the one I bought for $4,” he said, “and I have no plans to sell it. I certainly didn’t predict the current NFT mania, and until recently had written off our project as a footnote in internet history.
“When we invented non-fungible tokens, we were trying to protect artists. But tech-world opportunism has struck again…In the tech world, monetizing innovations is no joke.” He’s not wrong.