Home / Naija Gist / Metro life / Ghana honours monarch’s silver jubilee with crypto stamps linked to NFTs  

Ghana honours monarch’s silver jubilee with crypto stamps linked to NFTs  

Ghana’s national postal service has taken the silver jubilee of its king’s coronation to a new level by creating crypto stamps linked to unique nonfungible tokens (NFT) that are verifiable over the blockchain.

This move will enshrine the memory of the occasion on the blockchain, ensuring that it is remembered forever, analysts say.  

According to CoinTelegraph, Ghana Post released a new stamp collection known as “Crypto Stamp” in honour of His Majesty Otumfuo Osei Tutu II.

The crypto stamp collection acknowledges the king’s 25 years of monarchy and his contributions to Ghana’s development and cultural advancement.  

This development reflects an interesting blend of traditional values and new-age technology as the physical crypto stamps are linked to NFTs verifiable on the blockchain.  

According to the official listing of the crypto stamps, they are limited to 7200 pieces and cost 250 Ghana Cedi (18$) per stamp.  

The website however failed to give important information as regards shipping for buyers outside the shores of the country.  

When a prospective user has made a purchase, the user needs to manually link the physical collectable to its digital twin in the blockchain to claim exclusivity.  

The physical stamps come with a technology called an integrated near-field communication (NFC) chip to help this pairing.  

“Through a simple smartphone scan, collectors can verify the stamp’s authenticity in real-time, with each scan generating a unique, one-time authentication message, safeguarding against tampering and counterfeit attempts.” The Website said.

The new crypto stamp is the most expensive stamp post in the catalogue of the Ghana Post with other stamp posts costing less than half of the crypto stamps.  

The Ghana Post store also offers a one-on-one exclusive gold frame stamp that costs roughly 100,000 cedis ($7200)  

The development spells out Ghana’s efforts to adopt cryptocurrency and blockchain technology into its system as the extreme opposite plays out in Nigeria its fellow West African country.  

What To Know  

  • Ghana has become the first African country to introduce a commemorative NFT-based stamp collection. This further deepens the crypto adoption in the country and increases the number of crypto enthusiasts amongst its population.  
  • The South African Reserve Bank recently decided to ramp up its efforts on regulating and adopting Cryptocurrency and Central Bank Digital currencies. The game plan of the South African Bank includes plans to increase the accessibility of financial technology, modernize payment infrastructure, and reduce barriers to mass adoption of financial products.  
  • The crypto stamp is now sold.

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