Indonesia’s State-Owned Postal Service Launches NFT-Linked Stamps Amid Market Slump
The NFT market has struggled since the start of the year, with research indicating that 96 percent of digital collectibles have lost value. Despite this downturn, Pos Indonesia, the nation’s state-owned postal service, has ventured into the space by linking its stamps to NFTs. This initiative seeks to merge traditional collectibles like stamps with innovative blockchain technology. Indonesia has been ramping up its blockchain exploration efforts, and in September, it signed a memorandum of understanding (MoU) with India’s crypto advisory body, the Bharat Web3 Association, to collaborate on Web3 initiatives.
Pos Indonesia introduced a new limited-edition stamp series showcasing the ‘Cenderawasih,’ also known as the birds of paradise. Each stamp in this exclusive collection is paired with a corresponding NFT counterpart, blending traditional philately with digital innovation.
The postal service announced its foray into the NFT space via an Instagram post, highlighting its commitment to embracing emerging technologies.
“PosIND, as the largest postal company in Indonesia, has launched the first NFT stamps 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 philately enthusiasts,” the Instagram handle @posindonesia.ig posted.
The organisation has introduced a QR code system, allowing interested buyers to easily scan and order these stamps through the Ciphers.me website. For collectors, the limited-edition stamps will also be available in booklet form, as noted in the announcement.
During the 2022 Blockchain Expo held in Amsterdam, Netherlands’ PostNL and the Austrian Post Office had also said they were looking at integrating NFTs with traditional stamps to revive people’s interest in stamp collections, a report by CoinTelegraph said.
In 2021, the UAE introduced NFT postage stamps priced at AED 250 (approximately Rs. 5,706) to commemorate its golden jubilee.
Though India has yet to venture into NFT-linked postage stamps, earlier this year, the Indian Railway Catering and Tourism Corporation (IRCTC) released vibrant NFT tickets for two trains in celebration of the Holi festival.
In the spirit of Holi, IRCTC unveils a vibrant tapestry of NFT tickets for the Lucknow-New Delhi-Lucknow IRCTC Tejas trains (82501/82502), available from March 20th to April 2nd.
These tickets are not merely digital souvenirs; they are a celebration of the rich cultural… pic.twitter.com/fsH0NwH2ZN
— IRCTC (@IRCTCofficial) March 13, 2024
As per its 2024 NFT report, NFTEvening said that 96 percent of NFTs currently have zero trading volume, low sales, and no activity on social media.
Explaining the situation the report said, “The average lifespan of an NFT is now 1.14 years, which is 2.5 times shorter than the average lifespan of traditional crypto projects. This short lifespan reflects the intense speculative nature of NFTs, where rapid price fluctuations and the novelty of digital assets fail to sustain long-term value.”
