Henry’s Blockchain Bonanza

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Joint Publication by Ethan Monkhouse & Lola Nolan

Remember back in the days of 1520 when Henry decided to debase the coinage in an effort to offset his war spending (Deng, 2011)? It didn’t go so well and led to soaring inflation rates. Well, in his attempt to rebuild the ‘Empire’, he’s put the British people into incomprehensible amounts of debt to fund his countless invasions. Once again, inflation is on the rise – and with the sanctions imposed by most countries, the London exchange will remain closed on Monday and Tuesday. Britain has pretty much been shut off from the global economy. Although, turns out Henry has a plan. Blockchain.

We have insider information that Henry plans to launch an NFT collection to fund his spending. With the NFTs sitting on the Ethereum network, the project operates outside the traditional financial system (Banker, 2021) – avoiding sanctions imposed by major leaders. Henry has created a digital derivative that effectively replaces GBP as an unofficial currency. No details have been published on the overall design of the NFT – although we’ve no doubt that good ol’ Henry will have his portrait feature in some way or form.

Rumoured NFT Design for Henry VIII

For all the tech-nerds out there, the NFTs can be traded anonymously and holders of the token are allocated voting power in Henry’s political party. Although as suspected, Henry holds 100% of the governance tokens, meaning the ability for holders to vote is merely a suggestion to Henry. Typical power-hungry Henry. 

Now, there is one big problem with Henry’s plan – NFTs are non-fungible, and traditional currency is fungible. Here’s Lola to explain:

The NFT Process (Kimp, 2021)

“Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type. Fungible assets simplify the exchange and trade processes, as fungibility implies equal value between the assets.”

In short, Henry’s NFT collection may raise initial funding for one or maybe two more hostile take-overs. Although, as the NFTs aren’t interchangeable – it’ll be difficult to reach a level of circulation, and consequently, liquidity in the British economy. Henry is going to have to ‘mint’ [generate] record-breaking amounts of NFTs, which will undoubtedly have an effect on its value. To top it off, you can expect huge levels of price volatility – due to the comparatively tiny market size to GBP. 

Henry’s NFT collection has a lot to hold it back, and it’s overall not in any way a good idea. Although, that didn’t stop Henry in 1520, and it won’t stop him now.


Deng, S. (2011). The Great Debasement and Its Aftermath. Coinage and State Formation in Early Modern English Literature, [online] pp.87–102. Available at: https://link.springer.com/chapter/10.1057/9780230118249_4 [Accessed 1 Mar. 2022].

Banker, T. (2021). Will the NFT wave prove disruptive to banking? [online] Thebanker.com. Available at: https://www.thebanker.com/Editor-s-Blog/Will-the-NFT-wave-prove-disruptive-to-banking [Accessed 1 Mar. 2022].

Investopedia. (2022). Fungibility: When Interchangeability Matters. [online] Available at: https://www.investopedia.com/terms/f/fungibility.asp [Accessed 1 Mar. 2022].

Kimp. (2021). NFT Design: Everything You Need To Know To Get Started – Kimp. [online] Available at: https://www.kimp.io/nft-design/ [Accessed 1 Mar. 2022].

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