The NFT market has been struggling since the start of the year, with research showing that 96% of digital collectibles have lost value. Despite the economic downturn, Indonesia’s state-owned postal service, Postal Corporation, has branched out into the space by linking its stamps to NFTs. The initiative aims to merge traditional collectibles such as stamps with innovative blockchain technology. Indonesia has been stepping up its blockchain exploration efforts and in September signed a memorandum of understanding (MoU) with Indian cryptocurrency consultancy Bharat Web3 Association to collaborate on Web3 initiatives.
Indonesia Post has launched a new limited edition stamp series showcasing the ‘Cenderawasih’, also known as the Bird of Paradise. Each stamp in this exclusive series comes with a corresponding NFT stamp, blending traditional stamp collecting with digital innovation.
The postal service announced its entry into the NFT space via an Instagram post, underscoring its commitment to embracing emerging technologies.
“PosIND, Indonesia’s largest postal company, has launched the first NFT stamp in the country. This NFT stamp is a groundbreaking innovation that combines the traditional value of stamps with advanced blockchain technology, making it A valuable potential digital asset for stamp collectors,” Instagram user @posindonesia.ig posted.
The organization has launched a QR code system that allows interested buyers to easily scan and order the stamps through the Ciphers.me website. For collectors, the limited-edition stamps will also be available in booklet form, as stated in the announcement.
During the 2022 Blockchain Expo in Amsterdam, PostNL of the Netherlands and the Austrian Post Office also said that they are considering combining NFTs with traditional stamps to reignite interest in stamp collections. Report According to CoinTelegraph.
In 2021, the UAE launched NFT stamps priced at AED 250 (approximately Rs. 5,706) to commemorate the country’s 50th anniversary.
While India is yet to venture into NFT-related stamps, earlier this year, the Indian Railway Catering and Tourism Corporation (IRCTC) issued vibrant NFT tickets for two trains celebrating Holi.
Keeping in the spirit of Holi, IRCTC has launched a series of vibrant NFT tickets for the Lucknow-New Delhi-Lucknow IRCTC Tejas train (82501/82502), which will be on sale from March 20 to April 2.
These tickets are not just digital souvenirs; They are a celebration of a rich culture… pic.twitter.com/fsH0NwH2ZN
— IRCTC (@IRCTCofficial) March 13, 2024
According to the 2024 NFT report, NFTevening explain 96% of NFTs currently have zero trading volume, low sales, and no activity on social media.
Explaining the situation, the report stated, “The current average lifespan of NFTs is 1.14 years, which is 2.5 times shorter than the average lifespan of traditional crypto projects. Such a short lifespan reflects the strongly speculative nature of NFTs, where rapid price fluctuations and digital The novelty of the asset does not sustain long-term value.”