Coinsilium Group (AQSE:COIN | OTCMKTS:CINGF) provided an exciting update on its commemorative cryptocurrency postage stamp venture on Monday. The stamp’s accompanying non-fungible token will be a much-anticipated debut for the company.
The government of Gibraltar, together with Gibraltar Philatelic Bureau Limited (“GPBL”), will issue the limited edition 2021 ‘Cryptocurrency’ commemorative stamp. It will be tied to the release of a non-fungible token (“NFT”) counterpart, which will be exclusively produced by Coinsilium as part of its collaboration with RedFOX Labs Joint Stock Company. Coinsilium announced it had signed a technical development and support agreement with RedFOX, which is based in Vietnam, back in December.
The ‘non-fungible’ part means these tokens are not interchangeable. This makes them different from fungible alternatives like cash, where you can trade one £10 note for another and it still works the same. An NFT is more like a plane ticket: you can’t use your ticket for a 9AM flight out of London Heathrow to get on a 2PM flight from Dublin Airport.
The unique nature of NFTs makes them impossible to counterfeit, since their origin can always be traced using blockchain technology. This allows them to be used as one-of-a-kind digital collectibles.
For the Crytpo Postage Stamp there will be a limited number issued, 50,000 in total, with 10,000 already pre-reserved by the GPB.
There will also be a commemorative presentation pack, which has been produced by Coinsilium in collaboration with the bureau. It will include articles on a variety of topics, including the birth of Bitcoin and the evolution of blockchain technology.
Articles will also cover Gibraltar’s own “Blockchain/Distributed Ledger Technology hub” along with the story of Bitcoin Pizza Day. This was the first Bitcoin transaction and saw a man in Florida pay for two pizzas using cryptocurrency. He paid 10,000 Bitcoins in exchange for the pizza, which would be worth around $600 million today.
The crypto postage stamp and presentation pack will sell for £6.95 plus £2.50 for postage and packaging. GPBL will also accept cryptocurrency payment, including in Bitcoin and Ether. Stamp sales will open officially on May 17, in time to coincide with Bitcoin Pizza Day on May 22.
Gibraltar crypto stamp buyers will also get first entitlement to an NFT collectible counterpart, before general release around mid-July 2021. There will be 100,000 Gibraltar NFTs; equal to two per stamp.
The NFTs will have five scarcity levels, ranging from ‘Common’ to ‘Mythic Rare’. Artwork will include 22 images of Gibraltar – following the stamp design theme.
The status of NFTs is on the rise, with an NFT collection of digital artwork sold at Christie’s auction house last month for more than $69 million including fees. Not only that, but former Christie’s co-chair Loïc Gouzer will be auctioning his first NFT through his app. The app is aimed at fine art collectors, with the NFT itself consisting of “a 3D animation of an egg and a lighter”. The art was modelled by Urs Fischer.
At a time of high interest, the postage stamp venture is a great opportunity for Coinsilium to make itself known in the evolving world of NFTs