The United States Postal Service has announced that it will soon be stepping into the nonfungible token (NFT) market. Not to release artwork or music, but rather to help customers purchase postage.
It has been reported that communications-as-a-service platform CaseMail said the USPS had certified its postage NFTs for use in the United States.
However, the tokens are digitally stamped on the USPS’ ePostage labels and the physical item being mailed, creating a verifiable chain of custody for digital and physical assets, as all data is recorded on the blockchain.
Joe Ruiz, the founder and CEO of CaseMail, said:
“Using NFTs to help protect a process that’s both familiar and important to everyone — mailing a letter or package — helps demystify this important new technology. It is simply postage printed from the blockchain.”
The report said that the company will first offer the postage tokens “exclusively for legal professionals and government agencies,” with a rollout planned for the second quarter to include partnerships with providers of consumer and business services. The government agency reported $73.1 billion in revenue from postage and other services in the fiscal year 2020, meaning digital postage stamps could be tapping into a large market.
Are you ready to send NFTs via mail? The United States Postal Service will soon be stepping into the nonfungible token market to help customers purchase postage. https://t.co/3Qlm95NRfj (Reporting via @onceatraveler) — Cointelegraph (@Cointelegraph) April 14, 2021
CaseMail’s use-case for NFTs is part of a seemingly larger trend for companies to incorporate real-world data on tokens.
Thus, this year, individuals and technology firms have used NFTs to geotag street art and develop a device capable of recording and encrypting temperature, air quality, and other data to tokens in a proof-of-presence verification.
Source: Cointelegraph | Image: Coin Market Cap | The Nation | Pymnts
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