United States Postal Service is Making NFTs

NFTs have been a hot topic as of late, and USPS is the latest entity buying into the controversial idea of owning virtual property.

Non-fungible tokens, also known as NFTs, have been spreading across the internet, bringing with them waves of people looking to buy in as well as those who believe the entire premise to be foolish. Some call them an easy way to scam or turn a quick buck, while many groups including game developers believe NFTs to be the future of virtual ownership of art.

Recently, more and more entities are breaking into the NFT space, and the United States Postal Service decided it was time to break into the realm of NFTs, announcing the news first on its Mailin’ It podcast. The idea is modeled after real-life stamp collectors, an older tradition in the United States.

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For those confused about what a non-fungible token is, using USPS’s physical stamps actually offers a good analogy. Like a physical USPS stamp, a digital stamp is assigned value based on its rarity. Physical stamps have a monetary value shown on each unit, but they’re also physical products. Many argue that NFTs hold no value because they are digital images, and thus can be copied and pasted. However, the reason NFTs can hold value and are unique is because they are one-of-a-kind. Much like the rarity of a stamp, NFTs have scarcity because only one original image or digital product exists.


On the Mailin’ It podcast, USPS manager of licensing Amity Kirby explained the process of making USPS NFTs. The way it has worked so far is that USPS enters stamps into NFT generators that turn them into art for digital sale. This means that the USPS sends stamps or data out to websites that will then turn the stamps into images. Those images are then turned into NFTs that are completely unique, using blockchain technology to track the ownership of each product. The host admitted the idea was executed on a whim, and that she previously thought there was a chance the idea would fail. However, she reported that its first round of NFTs was bought out less than a second after they were posted. Clearly, collectors believed the idea to be profitable.


Response to the tweet was less than positive. Like the Troy Baker NFT backlash, many users were angry that USPS was wasting its time on a scam instead of focusing on more important issues; in past months, deliveries across the United States have been moderately to severely delayed. Some users told USPS to stop pushing NFTs due to the damage that they and cryptocurrency mining inflict on the environment. Other users pointed to a cryptocurrency crash that occurred just hours before the tweet was posted, telling USPS it’s getting into the wrong business.

Whether NFTs are positive or negative is still up for some debate, but some like Josef Fares would rather be shot than use them. Only time will tell the future of digital ownership, but USPS believes there is a future in the business of NFTs.



Source: Gamerant

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