The collectible’s market is huge. Everybody collects something. Some collectibles can be quite expensive as well. In total, this market will be worth around $1 trillion come 2033.
In 2023, it’s accounting for $398 billion. Out of all collectibles, stamps corner 8% of the market. That makes them one of the largest segments. Let’s see more about this important announcement.
The German Postal Service Is Betting in NFTs
A few countries have already been making digital stamps. Now the German postal service are to follow suit. They’re about to issue their first stamp that has a digital twin as an NFT.
Erste offizielle Deutschland-#Krypto–#Briefmarke kommt. Mehr: https://t.co/IqcouOeygG pic.twitter.com/XS4y5nkFCo
— Deutsche Post und DHL News (@DeutschePostDHL) October 12, 2023
The Deutsche Post is about to mint 250,000 stamps as NFTs. Each stamp will go for almost 10 euros. That’s a cool 2.5 million euros that the Deutsche Post can pick up. Providing, of course, that all stamps will sell.
Digital Stamps as NFTs
We can see this as an emerging trend, with RWA (Real-world assets). This is by no means restricted to stamps. As already mentioned, they only make up 8% of this collectibles market. Still, the digital stamps market has an estimated value of $32 billion. According to the 4K Protocol, this cements them as a contender for the top spot of collectibles. See the picture below:
Source: 4k Protocol
In blockchain gaming, it’s not unusual to see rare gaming skins sell for up to $1 million. However, some real-life stamps sold for $9.5 million. Ever heard of the British Guiana 1 cent black on magenta? That’s the one. So, we’re talking about a different ball game here. But, there’s a catch, authentication. With such high stakes, you want to know that you have the real deal. That’s where blockchain technology comes to the rescue. It solves the authenticity issue. The following picture is the British Guiana 1 cent black on magenta.
Source: X
Other Countries Issuing Digital Stamps
It’s not only the Deutsche Post that’s issuing digital stamps. Back in May 2018, Gibraltar issued the world’s first cryptocurrency stamps. It’s a mini sheet with four identical stamps on it, with a QR code. There were 50,000 sheets, which sold out within a few hours. The original value was 50 P per stamp. The current price for one sheet is a mere 1,950 euros.
In this context, a crypto stamp is when there’s a digital twin as an NFT on the blockchain. In general, you first need to buy the physical stamp. Once you scan a code on this stamp, you receive the NFT. They can have scarcity ratings, like ‘normal’ NFTs. Other countries with crypto stamps are for example:
- Bhutan
- Croatia
- Curacao
- Faroe
- Gibraltar
- Japan
- Liechtenstein
- Malaysia
- Marshall Islands
- Netherlands
- Poland
- Portugal
- Romania
- Switzerland,
- Thailand
- United Arab Emirates (UAE)
- United Nations
In this context, a crypto stamp is when there’s a digital twin as an NFT on the blockchain.
On a different note, the AN Post service from Ireland has the first digital stamp. You can download their AN Post app. It checks the postage price from the sender to the other address. Once you make the payment, you receive a 12-digit unique alphanumeric code. You write this on the place where a stamp would go, and that’s it. Once the letter or parcel gets delivered, you receive a notification. So, it’s digital, but it doesn’t involve an NFT. The following picture shows the Austrian crypto stamp from 2019.
Source: The digital philatelist
Conclusion
The collectible market is high-valued. Its current worth is almost $400 billion. However, in 2033, there’s a forecast of a $1 trillion market. Stamps take up an important market segment, with up to 8%. Various national post offices, including Deutsche Post, have started to offer crypto stamps as NFTs. It’s another part of RWA assets, that are becoming more popular in the crypto space.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
The post The German Postal Service will Issue its NFT Collection appeared first on Altcoin Buzz.