The United States Postal Service is producing NFTs: Non-fungible tokens, commonly referred to as NFTs, are gaining popularity throughout the web and bringing an array of potential buyers looking to invest in them and those who consider the entire idea a sham.
Many consider them a simple method to make some quick money. However, many organizations, like game developers, believe that NFTs will be the new standard of ownership in virtual art.
Recently there has been a rise in more companies are entering the NFT sector, including the United States Postal Service decided that it was time to step into the world of NFTs and announced the news first on its podcast, Mailin’ It.
The concept is based on stamp collectors from the real world and is an old practice within the United States.
If you’re unsure about the meaning of a non-fungible token, the physical stamps of USPS provide a useful analogy. As with the physical USPS stamp, digital stamps assigned a value in proportion to their quality and rarity.
Physical stamps are monetary in value that is displayed on each unit. However, they’re also tangible products. Some argue that NFTs have no value since their digital images, which means they could copy and paste.
But the reason NFTs are valuable and stand out is that they are unique. Like the rarity of stamps, NFTs are scarce since only one unique digital image exists.
The United States Postal Service is producing NFTs
In the Mailin’ It podcast, USPS manager of licensing Amity Kirby explained creating USPS NFTs.
It has worked to date that USPS inserts stamped stamps and data into NFT generators. Which turn them into artwork for digital sale.
That means the USPS sends data or stamps to websites that transform them into pictures. The images are then converted into NFTs, which are exclusive by using blockchain technology to record the owner of each item.
The host acknowledged that the concept conceive on the spur of the moment, and she had previously believed that the plan would fail.
But, she said that the initial round of NFTs sold just a few seconds after they release. Collectors believed that this idea was profitable.
The response to the Twitter post was not positive. As with those impacted by the Troy Baker NFT backlash. Many people were furious that USPS was wasting time with fraud rather than focusing its attention on other issues.
In the past few months, deliveries across the United States have been moderate to seriously delayed.
Some customers urged USPS to stop promoting NFTs due to the harm they and mining cryptocurrency can cause to the environment.
Some users pointed to the crash of cryptocurrency that took place in the hours before the tweet made public, informing USPS that it’s in the wrong industry.
Whether NFTs are positive or negative is up to debate however certain individuals such as Josef Fares prefer to kill than utilize NFTs.
It’s only time to determine the next step for digital ownership; however, USPS believes there is a bright future for the NFT business.