KEY POINTS

  • UAE releases its first NFT collectible stamps
  • There are 4 stamps, which are based on physical stamps
  • The digital art contain a crypto NFC chip for verification 

The United Arab Emirates postal services operator, the Emirates Post Group or EPG, announced the drop of its first NFT stamp collection to celebrate the 50th National Day of the country. The NFT stamps will be unveiled Thursday. 

The EPG has become the first authority in the region to release an NFT collection, consisting of four non-fungible tokens (NFTs), Gulf News said in a report. The stamps will commemorate the nation's golden jubilee and will consist of blockchain-based twins waiting to be sold as digital collectibles. 

"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 utilizes blockchain technology. By introducing tradable NFT stamps, we are bridging the gap between traditional stamps and the world of digital cryptocurrency," said Abdulla Mohammed Alashram, Group CEO of Emirates Post Group.

The four NFT stamps are one of a kind, and the first one is a premium edition that will contain the words Golden Jubilee 2021, carved in a gram of fine gold. The second NFT stamp will depict the foundation of the Middle Eastern nation by the founding fathers. 

The second NFT is titled "Spirit of the Union – 1971." The third and fourth NFTs are named "Year of the 50th – 2021" and "Projects of the 50th – 2071," respectively. The fourth NFT stamp represents the future vision for the nation. 

Buyers will be able to see the digital design linked to the physical stamp only after scanning the QR code, which will be printed on the front of the card. The stamp contains a cryptographic NFC chip, which can only be verified using a smartphone with an NFC scanner.

"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 blockchain," explained the report.

Even the UAE economy, the most diversified in the region, is headed for a sharp contraction Even the UAE economy, the most diversified in the region, is headed for a sharp contraction Photo: AFP / KARIM SAHIB