Pos Indonesia, the national postal service of Indonesia, has pioneered its first postage stamps integrated with non-fungible tokens (NFTs), blending age-old traditions with cutting-edge blockchain technology.
The announcement made via its Instagram profile, disclosed the debut of a special NFT stamp collection called “Cenderawasih,” translating to “bird of paradise.” This innovative collection consists of both a tangible stamp and a digital NFT counterpart. The series will also be available in a collector’s booklet.
The launch of these stamps represents a merger of traditional postal values and modern blockchain technology. This novel integration is poised to captivate both stamp enthusiasts and tech-savvy collectors.
This strategic move is in line with Indonesia’s growing engagement in the Web3 arena. On March 28, Indonesian financial authorities disclosed plans to establish a regulatory sandbox for cryptocurrency assets by early 2025, aimed at bolstering security against fraud.
A Decline in Interest
Despite the innovative initiative by Pos Indonesia, the overall market interest in NFTs has seen a downturn:
- Sales Volumes Drop: In September, the market experienced the lowest NFT monthly sales volume since January 2021. According to CryptoSlam, the volume stood at $296 million for the month, a 20% decrease from the previous month and a staggering 81% fall from the March peak of $1.6 billion.
- Transaction Decrease: The frequency of NFT transactions also decreased, with numbers falling to 4.9 million in September from 7.3 million in August, marking a 32% reduction.
Global Efforts to Revitalize Stamp Collecting
The concept of NFT stamps is not entirely novel. Various international posts have previously attempted to rekindle interest in stamp collecting by incorporating NFTs:
- UAE’s Golden Stamp: On June 17, 2022, the United Arab Emirates commemorated its 50th anniversary by releasing the world’s most luxurious modern postage stamp, which included one gram of gold and an accompanying NFT version.
- European Initiatives: On September 23, 2022, during the Blockchain Expo in Amsterdam, Cointelegraph interacted with representatives from the Netherlands’ PostNL and the Austrian Post Office. These organizations had collaborated to launch postage stamps that were paired with NFTs, aimed at reviving the hobby of stamp collecting through digital innovation.
| Month | Sales Volume (USD) | % Change from Previous Month | Transactions | % Change from Previous Month |
|---|---|---|---|---|
| January 2021 | Data Unavailable | N/A | Data Unavailable | N/A |
| August | $370 million | – | 7.3 million | – |
| September | $296 million | -20% | 4.9 million | -32% |
As Pos Indonesia strides into the digital frontier with its NFT-enabled stamps, it not only preserves but also refreshes the cultural legacy of stamp collecting. While the global interest in NFTs appears to be waning, initiatives like these may offer a new lease of life to traditional hobbies, bridging the gap between generational interests through the use of blockchain technology.
Featured image credit: macrovector via Freepik
Follow us for more breaking news on DMR