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Coinsilium inks deal to create cryptocurrency postage stamp

The crypto postage stamp will be issued by the government of Gibraltar and be tied to the release of a blockchain-based digital collectable, or non-fungible token, counterpart exclusively produced by Coinsilium in collaboration with RedFOX Labs

Coinsilium Group Limited - Coinsilium inks deal to create cryptocurrency stamp

Coinsilium Group Limited (LON:COIN) said it has signed an agreement with the Gibraltar Philatelic Bureau for the creation of a commemorative limited edition cryptocurrency postage stamp for release in the second quarter of 2021.

The blockchain and crypto venture firm said the crypto postage stamp will be issued by the government of Gibraltar and be tied to the release of a blockchain-based digital collectable, or non-fungible token (NFT), counterpart exclusively produced by Coinsilium in collaboration with RedFOX Labs under an agreement announced on December 10.

READ: Coinsilium enters virtual asset and digital collectable market with RedFOX Labs deal

Each one of the crypto stamps produced will be a collectable item in its own right and will come with a priority entitlement to a limited issue set of companion digital collectable NFTs to be produced by Coinsilium in collaboration with RedFOX. The stamp will be available for sale online via the Gibraltar Stamps website and from stamp dealers around the world.

NFTs are different from other digital assets such as Bitcoin in that they are digital tokens with unique characteristics, with metadata inside them acting as a permanent and unalterable record of what the token represents. In short, NFTs act as the digital version of a certificate of authenticity that is often issued with real-world assets such as rare paintings, or in this case stamps.

READ: Nonfungible tokens could be the next frontier in crypto development

"The Gibraltar Crypto Postage Stamp marks our first venture in the highly innovative NFT space following our recently announced collaboration agreement with RedFOX Labs,” said Coinsilium chairman Malcolm Pallé in a statement.

"Whilst the market for digital collectables is still at a nascent stage, the activity and pace of growth we are witnessing, particularly in the philatelic market, demonstrates that there are strong demand fundamentals emanating from a new generation of collectors and NFT enthusiasts globally. We also see indications of strong synergies in parallel collectables marketplaces where potential opportunities in numismatics, gaming, sports, music and art are currently under evaluation", he added.

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