02/10/2024 Indonesian postal service launches NFT stamps

Indonesia’s state-owned postal service has launched a physical postage stamp with an NFT counterpart.

Indonesian postal service launches NFT stamps

Indonesia’s state-owned postal service has launched a physical postage stamp with an NFT counterpart.

Pos Indonesia, the state-owned postal service of Indonesia, has introduced its first-ever postage stamps with non-fungible token (NFT) counterparts, combining tradition with technology.

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In anannouncementon its Instagram page, Pos Indonesia revealed the release of its inaugural NFT stamp featuring “Cenderawasih,” meaning “bird of paradise.” The NFT stamp will have a physical version and an NFT counterpart. The collection will also be released as a booklet.

Indonesia’s NFT postage stamp featuring “Cenderawasih.” Source: Pos Indonesia

The new stamps merge traditional values with blockchain innovation, a combination that may attract enthusiasts, according to the postal service.

This move aligns with Indonesia’s increasing involvement in the Web3 space. On March 28, Indonesian financial authorities announced plans to launcha regulatory sandbox for crypto assetsin early 2025 aimed at preventing fraud.

NFTs reach lowest monthly volume since 2021

Indonesia’s introduction of NFT postage stamps comes at a time when interest in digital collectibles is waning.

In September, NFTs hit theirlowest monthly sales volumesince January 2021. CryptoSlam data showed that NFTs had a volume of $296 million in the month, marking a 20% decline from August and an 81% drop from March, when NFT sales peaked at $1.6 billion.

The number of NFT transactions also saw a decline in September, to 4.9 million from 7.3 million in August, a 32% decrease.

Postage stamps as NFTs

NFT stamps aren’t entirely new. In 2021 and 2022, organizations attempted to revive interest in stamp collecting worldwide by incorporating NFTs. Organizations in the United Arab Emirates, Austria and the Netherlands launched efforts to combine blockchain technology with traditional stamp collecting.

On June 17, 2022, the UAE celebrated the 50th anniversary of its foundation by launching the world'smost expensive modern postage stamp. The stamp contained one gram of gold and came with an NFT version.

On Sept. 23, 2022, Cointelegraph spoke with the Netherlands’ PostNL and the Austrian Post Office at the Blockchain Expo in Amsterdam to learn about their efforts to use NFTs torevive stamp collecting. The two organizations had partnered to release postage stamps with NFT counterparts.

Arts

https://cointelegraph.com/news/indonesian-postal-service-launches-nft-stamps

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#87445
By OthersideDeployer
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