UAE to Issue NFT Stamp to Commemorate National Holiday
Not a day passes by without the Non-fungible token (NFT) sector finding itself in the news. This time around, the news is from the United Arab Emirates, where the country’s postal operator issued NFT stamps to celebrate the 50th National Day.
NFT Stamps for UAE National Holiday
The Emirates Post Group (EPG) announced that it would be issuing digital collectible stamps, which will be unveiled on the December 2 national holiday.
By doing this, it would become the first postal agency in the Middle East to issue NFT stamps. This further shows the mainstream adoption of non-fungible tokens even among government agencies.
According to the group, it will have four stamps with distinct designs that resonate with the national theme, and buyers will be able to see the design linked to the physical stamp they buy by scanning the QR code printed on the stamp.
To activate the digital stamp on the blockchain, users will have to scan the QR code behind the physical stamp.
UAE Pro-crypto Policies
EPG’s NFT test shows the openness of the government authorities in the country towards crypto. Regulators in UAE have adopted a positive approach to crypto with regulations that are friendly to the industry.
In September, UAE authorities created a new framework that makes it possible to engage in cryptocurrency trading and similar activities within the Dubai free trade zone. The following month, the Dubai Financial Services Authority also clarified regulations on investment tokens.
The Chief Executive Officer of the Group, Mohammed Alashram, pointed out that the company seeks to become more digitally oriented, and NFTs align with that vision. He went further to state that EPG is considering ways to use blockchain technology to improve its operations and offer better services.
These NFT stamps are not just a one-off thing as the group plans to release more stamps in the future as it bridges the gap between traditional postage stamps and the digital world. Interest in NFTs has grown among Asian countries over the past few months, with the Asia-Pacific region leading the world in NFT searches.