- Middle East
- Emirates Post Group to unveil region’s first NFT stamp in commemoration of 50th UAE National Day
Emirates Post Group To Unveil Region’s First NFT Stamp In Commemoration Of 50th UAE National Day
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 28th Nov, 2021) In commemoration of the UAE National Day 2021, Emirates Post Group (EPG) has raised the bar on postage stamp issuance by becoming the first in the region to issue non-fungible token (NFT) stamps.
EPG is set to unveil this groundbreaking generation of stamps on 2nd December with four distinct NFT stamps to coincide with the celebration of the nation’s Golden Jubilee. These innovative NFT stamps will have a digital twin in the blockchain and will be sold as digital collectibles linked to its physical stamp counterpart.
Abdulla Mohammed Al Ashram, Group CEO of Emirates Post Group, said, "In line with EPG’s goal of transforming into a more digital-centered company, we are proud to announce the launch of the first NFT stamp in the region, which utilises blockchain technology. By introducing tradable NFT stamps, we are bridging the gap between traditional stamps and the world of digital cryptocurrency."
"We have been working to establish a strong technology infrastructure in our business, and this new generation of stamps is a testament of our capabilities and efforts to transform into a more digitally-centered company to better serve our customers. We will launch the stamps on 2nd December, 2021, in honour of the country’s 50th National Day. NFT enthusiasts will be able to collect, exchange and trade our stamps, which also promote the story and milestones of the UAE," Al Ashram added.
NFT stamps, or commonly known as crypto stamps, have digital counterparts stored in the blockchain, and can be collected, traded, or used for online exchange like other digital tokens. Each of the four NFT stamps carries a distinct design centered on the UAE national theme. The first one is a premium edition which contains a gram of fine gold titled the Golden Jubilee 2021.
Meanwhile, the second stamp is called the "Spirit of the Union - 1971", symbolising the establishment of the nation by the founding fathers. The third stamp is "Year of the 50th – 2021" while the fourth design is "Projects of the 50th 2071" representing the UAE’s futuristic vision.
Buyers will only get to see the digital design linked to the physical stamp after scanning the QR code printed on the front side of the card. The stamp contains a locked cryptographic NFC-chip for verification using any smartphone with NFC reader.
Each stamp includes a unique code hidden behind the card which can be unlocked by scanning the QR code to activate the counterpart on the block chain. Users who already have a digital crypto wallet can connect it with the NFT or add the digital twin as a collectible.