- With this initiative, Indonesia is demonstrating its growing engagement in the Web3 domain.
- The NFT stamp will be available in both physical and digital forms.
Bringing together the best of both worlds, Pos Indonesia, the state-owned postal service of Indonesia, has released its first-ever postage stamps including non-fungible token (NFT) equivalents.
“Cenderawasih,” which translates to “bird of paradise,” is the subject of Pos Indonesia’s first NFT stamp, which the organization announced on its Instagram page. The NFT stamp will be available in both physical and digital forms. A booklet containing the compilation will also be issued.
According to the postal office, the new stamps combine historic values with blockchain innovation, which might entice aficionados. With this initiative, Indonesia is demonstrating its growing engagement in the Web3 domain. Indonesian financial regulators will develop a regulatory sandbox for crypto assets in early 2025 to avoid fraud, according to a March 28 announcement.
Decline in NFT Demand
Moreover, coincident with a decline in demand for digital collectibles, Indonesia has introduced NFT postal stamps. Compared to the previous month, September was the lowest monthly sales volume for NFTs since January 2021. There was a 20% dip from August and an 81% drop from March, when NFT sales peaked at $1.6 billion, according to statistics from CryptoSlam. The volume of NFTs in the month was $296 million.
There was a 32% drop in the number of NFT transactions in September compared to August, falling from 7.3 million to 4.9 million. NFT stamps have been around for a while. Organizations over the globe planned to use NFTs in 2021 and 2022 to reawaken interest in stamp collecting. Groups in the Netherlands, Austria, and the UAE have begun working on a way to merge blockchain technology with classic stamp collecting.
The United Arab Emirates launched the costliest contemporary postal stamp in the world on June 17, 2022, to commemorate the 50th anniversary of its foundation. Along with the NFT variant, the stamp came with one gram of gold.
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