The Digital Oath. Coronation of Charles III
The U.K. is just beginning to bring cryptocurrencies into the legal realm, but anyone can already get a commemorative NFT for Charles III's coronation on a digital wallet
For the coronation of King Charles III on May 6, the British newspaper Evening Standard, in conjunction with digital artist Trevor Jones, released a free collection of commemorative NFTs.
QR codes can already be found on billboards along Oxford Street, where the ceremony will take place.
An NFT (non-fungible token) is a crypto-token that represents ownership of an object, including digital goods such as artwork, digital avatars, collectibles, and gaming items. The NFT market grew dramatically in 2021, with some famous collectibles selling for eight-figure dollar amounts.
According to Charles Yardley, editor-in-chief of the Evening Standard, his team is proud to be able to present work in this format at "such a landmark moment for the city."
"NFT showcases all those images that represent centuries of tradition and history in a format that reflects how the modern world democratizes art - for artists and collectors alike," Yardley writes.
The story of The Oath began with a physical painting done by Jones in his Edinburgh studio. The canvas depicts St. Edward's crown, which Queen Elizabeth II wore during her own coronation in 1953.
"Anyone can open an account on Nifty Gateway by simply providing an email address and release their first NFT painting," Jones says, adding that he wanted the process to be as simple as possible, especially for those encountering digital art for the first time.
Nifty Gateway - The project was founded in 2018 by Duncan and Griffin Coke Foster. In 2020, the platform was taken over by the founders of the American crypto exchange Gemini the Winklevoss twin brothers. Strict lot selection criteria allow Nifty Gateway to position itself as a full-fledged dealer of contemporary art.
The Oath is not the first NFT collection dedicated to the British royal family. Last September, after the death of Queen Elizabeth II, a group of digital artists released a collection of 96 images called QueenE, the most expensive of which was purchased for about $2,000 in the cryptocurrency Ethereum (ETH).
NFTs themselves, like other crypto-assets, have yet to be introduced into the British legal framework. In February, the U.K. government introduced its first bill to regulate the industry and asked its representatives for advice and recommendations, which interested business representatives sent in through early May.
The government's main goal is to introduce a regime for broader regulation of cryptocurrencies. The document published by the UK's Ministry of Finance presents the first version of a regime that simultaneously covers crypto-services and credit platforms, legal regulations, consumer protection, issuance of any crypto-assets, disclosure, prevention of market abuse, and more.
Leading players in the crypto business responded to the call for advice. The most notable were open letters from Binance, the world's largest cryptocurrency exchange, and Andreessen Horowitz, a venture capital firm actively investing in crypto projects. As part of the a16z crypto fund, investors allocated $2.2 billion to support startups from the crypto sphere.
The essence of the recommendations of both giants of the crypto market comes down to the approach of regulating the crypto sphere with its subtleties and nuances. To find the right balance between protecting consumers and encouraging innovation, it is important to adopt a nuanced approach that takes into account the different risks associated with each type of crypto asset.
In their view, imposing excessive restrictions could slow down any innovation in the UK crypto industry, which is especially important as the country seeks to become one of the world's largest Web 3.0 hubs.
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