Send Your Stamp, Keep A Collectible Crypto Stamp
A limited 150,000 unit run of five different stamps – black, red, blue, yellow, black – allows the owner to use a physical stamp, but then save its image in their wallet. According to a Reddit user, the distribution is as follows: 1,500 red stamps; yellow, 10,000; blue, 20,000; green, 40,000; black, 78,500. The stamps retail for 6.90 Euro, meaning the entire project will bring in just over $1 million.
The “Crypto Stamp” is the first use case for non-fungible tokens launched by a government so far, making it a milestone. The pilot’s success will help determine the future for NFTs, which can now be issued across multiple Ethereum token standards.
Recently completed ERC-1155 enables developers to issue vastly cheaper fungible and non-fungible tokens. The stamps use Ethereum’s first NFT standard, ERC-721. Invented by Enjin’s Witek Radomski, ERC-1155 can best be described as a hybrid of ERC-20 and ERC-721. The standard was important for Enjin, who facilitate a gaming marketplace and development tools for people looking to build games on the Ethereum blockchain. EnjinCoin recently pumped when it was announced as a Samsung partner.
How Blockchain Will Invade Everyday Life
Austria’s crypto stamp is but a first glimpse at the future of digital property. The use case is relatively novel compared to the types of things you can do with your blockchain wallet in the future.