Mon, April 22

Israeli Parliament Renders NFT for Oath to President

Israeli Parliament Renders NFT for Oath to President Blockchain News

As a matter of fact, we all know that NFT has hit the world differently gaining attention from major investors. Within the first half of the year, the records on NFT sales look astonishing.

Now, the hype of NFT has dragged the Israel Parliament members to a different level. The Israeli Parliament has created a history to issue an NFT to the newest President after the presidential oath.

At the inauguration ceremony, Israel’s new president, Isaac Herzog, will be the first to receive an NFT. On June 2, the Knesset held its presidential election for 2021, where the son of former President Chaim Herzog got elected. Herzog will receive a physical copy of the oath as well as an NFT representation, according to local news.

A non-fungible token (NFT) is a token that operates on a blockchain, such as Ethereum. Besides, it enables to record the ownership of a single digital or physical object. The NFT is a tokenized replica of an oath taken by Herzog’s late father, the country’s former president.

President Will Return NFT at End-Term

The new President’s late father, Chaim Herzog served as Israel’s sixth president between 1983-1993. The physical document digitized in the NFT was the former president’s pledge to “maintain loyalty to the State of Israel” on May 5, 1983.

Knesset Speaker Michael Levy, who will present the NFT to Herzog, stated:

“I am overjoyed to present President-elect Herzog with a special memento from his father, which includes the wording of the oath he signed 38 years ago.”

Moreover, the NFT which Herzog received is not for sale, he will hold it until the service term ends. The President will return the NFT at the end of his service period. The Knesset’s Technology and Computing Division issued the token, which obtained the original oath from the parliament’s archive. 

The division then used blockchain technology to create a one-of-a-kind image of the original oath. It was then secured on a cold storage device and given to the incoming president. Israeli Parliament has made history to use NFT in honoring a presidential oath.

The entire world has clearly immersed deeply into non-fungible tokens (NFT). Many celebrities, movie stars, large multinational corporations, the sports industry, and others have embraced the technology.

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