America Postal Service will quickly be moving into the nonfungible token market. Not to launch art work or music, however moderately to assist prospects buy postage.
In an announcement on Tuesday, communications-as-a-service platform CaseMail mentioned the USPS had licensed its postage nonfungible tokens, or NFTs, to be used in america. The tokens are digitally stamped on the USPS’ ePostage labels and the bodily merchandise being mailed, making a verifiable chain of custody for digital and bodily property, as all information is recorded on the blockchain.
“Utilizing NFTs to assist defend a course of that is each acquainted and necessary to everybody — mailing a letter or bundle — helps demystify this necessary new know-how,” mentioned CaseMail founder and CEO Joe Ruiz. “It is simply postage printed from the blockchain.”
The company will first offer the postage tokens “exclusively for legal professionals and government agencies,” with a rollout deliberate for the second quarter to embrace partnerships with suppliers of client and enterprise companies. The federal government company reported $73.1 billion in income from postage and different companies in fiscal 12 months 2020, that means digital postage stamps might be tapping into a big market.
CaseMail’s use case for NFTs is a part of a seemingly bigger pattern for firms to incorporate real-world information on tokens. This 12 months, people and know-how companies have used NFTs to geotag road artwork and develop a tool able to recording and encrypting temperature, air high quality and different information to tokens in a proof-of-presence verification.