The NFT market has struggled since the beginning of the year, with research showing that 96 percent of digital collectibles have lost value. Despite this decline, Pos Indonesia, the national state postal service, has ventured into the space by linking its stamps to NFTs. This initiative seeks to combine traditional collectibles like postage stamps with innovative blockchain technology. Indonesia has stepped up its blockchain research efforts, and in September signed a memorandum of understanding (MoU) with India’s crypto advisory body, the Bharat Web3 Association, to collaborate on Web3 initiatives.

Pos Indonesia has introduced a new limited series of postage stamps featuring ‘Cenderawasih’, also known as birds of paradise. Each stamp in this exclusive collection is paired with a corresponding NFT copy, fusing traditional philately with digital innovation.

The Postal Service announced its foray into the NFT space via an Instagram post, highlighting its commitment to embracing new technologies.

“PosIND, as the largest postal company in Indonesia, launched the first NFT stamps in the country. This NFT stamp is a revolutionary innovation that combines the traditional value of postage stamps with advanced blockchain technology, making it a valuable potential digital asset for philately enthusiasts,” posted Instagram manager @posindonesia.ig.

The organization has introduced a QR code system, allowing interested customers to easily scan and order these stamps through the Ciphers.me website. The limited edition stamps will also be available to collectors in the form of booklets, as stated in the announcement.

During Blockchain Expo 2022 held in Amsterdam, Dutch PostNL and Austrian Post also said they are considering integrating NFTs with traditional postage stamps to revive people’s interest in postage stamp collections, CoinTelegraph reported.

In 2021, the UAE introduced NFT postage stamps priced at AED 250 (approximately Rs 5,706) to commemorate its Golden Jubilee.

While India is yet to venture into NFT-related postage stamps, earlier this year the Indian Railway Catering and Tourism Corporation (IRCTC) released colorful NFT tickets for two trains to celebrate the Holi festival.

According to its 2024 NFT report, NFTEvening said 96 percent of NFTs currently have zero trading volume, low sales and no social media activity.

Explaining the situation, the report says: “The average lifetime of NFTs is now 1.14 years, which is 2.5 times shorter than the average lifetime of traditional crypto projects. This short lifespan reflects the intensely speculative nature of NFTs, where rapid price fluctuations and the novelty of digital assets fail to sustain long-term value.”