The main points:
People on the Sun are deciding if they should move to NFTs.
Digital art could be made from historical headlines and exclusive media images.
Businesses should be careful about how they use crypto, the Bank of England says.
Sun Newspaper looks at NFTs.
The Sun, one of Rupert Murdoch’s many publishing outlets, has said that it wants to be part of the NFT boom. Think about what The Sun is known for. It’s had a lot of famous front pages, headlines, and images – along with a lot of controversy, of course. The thought is to turn these unique images and front pages into digital assets.
In 2021, the NFT market grew so big that it made a lot of headlines. Around $22 billion, they may not be able to come up with a good reason why they shouldn’t try to get a piece of the pie.
The CEO, Rebekah Brooks, and the COO, David Dinsmore, are said to be interested in NFTs, and they’re said to want to learn more about them. These assets could come from other parts of Murdoch’s media empire, like the Times. It’s not just the Sun that could be used to get them, either.
However, there are a few unique challenges ahead, such as making these famous headlines into NFTs with a unique element because they already exist and are easy to find on the internet. People who are interested in NFTs are also usually too young to remember “The Sun Won It.” In this way, it’s kind of like an old person who is losing popularity and trying to stay relevant.
It’s not safe to use crypto.
Coins and NFTs aren’t the only things that make up cryptocurency. NFTs are more than just copyrighting digital art, and cryptocurency is more than just coins. However, the Bank of England recently told businesses to be careful about how they deal with cryptocurrency and crypto-assets, so they should be careful about how they deal with them.
“It looks like people are becoming more interested in unbacked cryptocurrencies that don’t have any value.” Financial firms should be very careful when they deal with these issues, thinking very carefully about the risks they might pose. Sarah Breeden, the executive director for financial stability at the BoE, said that.
People who use crypto to hide money and fund terrorism should be aware of this, says Sarah, who is a lawyer.
When the BoE says crypto is bad, they say it could have a big impact on the rest of the economy in the future. Because they are the central authority on money in England, it makes sense that they would say this. The rise of cryptocurrency would be a kind of zero-sum game, in which their own control over the UK monetary system would be cut down proportionally.
It must be said, though, that the Bank of England is more concerned with warning banks than it is with the media playing around with NFTs. If you think about how bad the banking crisis was just 14 years ago, it makes sense that major financial institutions don’t put too much trust in a currency and technology that haven’t been fully established yet.
Poor banking solutions are making people want to eat more.
Most people think of banks as the “other” when they don’t like crypto, like the Bank of England, so they don’t like it. In fact, it’s the current banking system’s flaws that are making people want to use cryptocurrency. Expat banking options in the UK are almost non-existent.
This isn’t always the case, but there are real-world applications that are beating out what banks have to offer. An example of this is the trend toward working from home and the globalization that comes with it.
People who work outside the country are becoming more and more common, and this is expected to keep growing as border restrictions become less strict. High street banks can’t keep up with this new way of life. A lot of people are looking for alternatives to banks because they can’t cash foreign checks, take a long time to process international transactions, and charge a lot for foreign exchange.
Cryptocurrency isn’t the only way to solve this problem, but the poor service that banks are giving is being made even worse in this situation. It’s a big factor in people moving away from traditional banking infrastructure that’s too reliant on its old systems. The percent 3-percent-5 exchange margin in particular is a big factor.
Another reason people want a digital dollar is because of this. A digital pound sterling could improve the efficiency of the monetary system, especially in the trading and settlement of securities. It could also help people on a day-to-day level. People who aren’t interested in crypto aren’t actually looking for more decentralization. Instead, they want to change the current infrastructure and financial institutions because they don’t work the way they should.