• Faroe Islands Postal Service has released its first set of crypto stamps called ‘Stamps of Maybe’.
• The digital versions are affected by the current weather conditions as they are connected to the local Faroese weather station, Veurstova Froya.
• Blockchain technology is being used by postal agencies to generate stamps as NFTs.
Faroe Islands Postal Service Issues NFT Collector Stamps
The Faroe Islands Postal Service has released its first set of crypto stamps, titled ‘Stamps of Maybe’, in conjunction with VariusSystems on June 23rd. These stamps have a digital counterpart recorded on the blockchain as a non-fungible token (NFT) that can be used as postage.
Uses of Blockchain Technology
The Universal Postal Union at the United Nations had been visited by VariusSystems CEO Michael Dorner and he observed that nations throughout the globe are interested in new use cases for developing technology. The digital versions of the Faroe Islands’ crypto stamps are affected by the current weather conditions thanks to their connection to the local Faroese weather station, Veurstova Froya.
Philately or stamp collecting has been reinvented before but this is the first time blockchain technology has been used by a postal agency to generate stamps as NFTs. PostNL in Netherlands and PostAG in Austria have also issued their own NFT crypto stamps. The first PostAGs were launched in 2019 on Ethereum blockchain and another version with near-field communication chip features for further verification was released in 2021.
What Are Non-Fungible Tokens?
Non-Fungible Tokens (NFT) may be used to demonstrate the one-of-a-kind quality of an item such as an image, video file, text, and related information. Depending on who issues them and what information they contain, NFTs may serve as proof of ownership for either a digital or physical item.
The Faroe Island’s release of these unique NFT collector stamps proves that even traditional practices such as philately can be modernized with technological advances like blockchain technology and non-fungible tokens (NFT). This could have huge implications for how other postal services around the world operate going forward with regards to issuing digital goods instead of physical ones!