The Indonesian state postal company Pos Indonesia has done this announced the release of its very first stamp with a non-fungible token (NFT) counterpart. This move marks an important intersection of traditional philately and blockchain technology.
The inaugural NFT stamp, called “Cenderawasih,” which translates to “bird of paradise,” will be available in both physical and digital formats, along with a collector’s booklet.
This initiative is in line with Indonesia’s growing interest in Web3 technologies, including plans announced by financial authorities in March 2023 to regulatory sandbox for crypto assets by early 2025. This regulatory framework aims to limit fraud in the evolving digital landscape.
However, the launch comes at a challenging time for the NFT market. September 2023 registered the lowest monthly turnover volume for NFTs since January 2021, with total sales falling to $296 million, down 20% from August and down 81% from the March peak of $1.6 billion.
Additionally, NFT transactions fell from 7.3 million in August to 4.9 million in September, a decline of 32%.
The concept of NFT stamps is not entirely new; Several organizations worldwide have experimented with similar approaches in recent years.
Notable efforts include the United Arab Emirates’ launch of a gold-infused stamp with an NFT version in 2022, as well as initiatives from Austria and the Netherlands aimed at reviving stamp collecting through blockchain technology.