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Indonesia’s state-owned postal service has launched a physical postage stamp with an NFT counterpart.
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Pos Indonesia, the state-owned postal service in Indonesia, has introduced its first-ever postage stamps with non-fungible token (NFT) counterparts, combining tradition with technology.
In an announcement on its official Instagram page, Pos Indonesia revealed the release of its inaugural NFT stamp featuring “Cenderawasih,” meaning “bird of paradise.” According to the postal service, 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
According to Pos Indonesia, the new stamps merge traditional values with blockchain innovation, a combination it believes could attract enthusiasts.
This move aligns with Indonesia’s increasing involvement in the Web3 space. On March 28, Indonesian financial authorities announced plans to launch a regulatory sandbox for crypto assets in 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 their lowest monthly sales volume since January 2021. CryptoSlam data showed that NFTs only had a volume of $296 million in the month. This figure marks 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, from 7.3 million in August to 4.9 million in, a 32% decrease.
Related: Indonesia’s licensing regime sparks ‘monopolistic’ market concerns
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’s most 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 to revive stamp collection. The two organizations partnered to release postage stamps with NFT counterparts.
Magazine: ‘Treat your first NFT purchase like a first date’ — NFT Collector Suzanne
This article first appeared at Cointelegraph.com News
