Politics

Rishi Sunak Faces Backlash For Dabbling In Modern NFTs Throughout Value Of Residing Disaster

Chancellor Rishi sunak has faced criticism for joining the controversial NFT trend as the UK faces the biggest cost of living crisis in generations.

On Monday, the Treasury announced the Royal Mint had been asked to create an NFT – a non-fungible token – by the summer as part of a drive to make the UK a “global crypto asset hub”.

An NFT is a digital asset that exists on a blockchain – a record of transactions kept on networked computers that serves as a public record allowing anyone to verify its authenticity and who owns it.

While most digital items can be endlessly reproduced, each NFT has a unique digital signature – meaning it is one of a kind.

Anyone can view the NFT, but only the buyer has the status of being the official owner – a kind of digital bragging rights.

The “Bored Ape” collection of digital images is perhaps the most well-known, having been bought and traded by celebrities for tens of thousands of dollars.

Critics point to the lack of regulation of the NFT market, where many participants use pseudonyms and fraud and scams are a big risk.

The move into state-backed NFTs comes as Sunak is facing criticism for not doing enough to help British households who are facing the biggest fall in living standards since the 1950s, and spiraling energy bills that mean many people are having to choose between heating and eating .

Sunak’s reputation – a Tory leadership favorite when handing out furlough cash, now flagging amid questions about, among other things, his wife’s business links to Russia – has also been tarnished by reports he is set to spend the easter parliamentary recess in California.

Unsurprisingly, the reaction on social media was not especially positive.

Rishi Sunak announcing an NFT and flying to California after being told his Spring Statement is leaving 1.1m Brits – including 500k kids – falling into poverty is truly unreal

— Nadine Batchelor-Hunt (@nadinebh_) April 4, 2022

Issuing a vanity asset beset by fraud and scams six months or so after nerd interest has peaked?

It certainly shows a lot about the UK approach here, but I’m not sure it shows what they might hope. https://t.co/zFVukJAcmc

— James Ball (@jamesrbuk) April 4, 2022

Rishi Sunak facing some tough decisions in the coming weeks – namely, Santa Monica, Marbella or the South of France.

— Have I Got News For You (@haveigotnews) April 4, 2022

Rishi Sunak is totally out of touch. He should be urgently addressing the cost of living crisis, not coming up with gimmicks like this! https://t.co/bYDwgUHK50

— Tulip Siddiq (@TulipSiddiq) April 4, 2022

Rishi Sunak practically needing an intervention rn

— Chaminda Jayanetti (@cjayanetti) April 4, 2022

It is Sunak’s considerable good fortune that most people have no idea what an NFT is. But on Twitter anyway, this is more evidence of a) him being weird and b) not as good as he thinks he is.

— alexmassie (@alexmassie) April 4, 2022

Government finally transitioning into its final phase: That ratiod guy on the internet moaning that somebody stole his monkeys https://t.co/OkaFX6umEg

— James Felton (@JimMFelton) April 4, 2022

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button