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The United States Postal Service would shortly enter the market for nonfungible tokens. Not to release artwork or songs, but to assist consumers in purchasing postage.
CaseMail, a communications-as-a-service network, announced on Tuesday that the USPS had approved its postage nonfungible tokens, or NFTs, for use in the US. Since all evidence is stored on the blockchain, the tokens are digitally stamped on USPS ePostage labels and the actual object is mailed, providing a verifiable chain of custody between digital and physical properties.
“Using NFTs to help protect a process that’s both familiar and important to everyone — mailing a letter or package — helps demystify this important new technology,” said CaseMail founder and CEO Joe Ruiz. “It is simply postage printed from the blockchain.”
The firm will first sell the postal tokens “exclusively for legal professionals and government agencies,” with a second-quarter expansion scheduled that will include collaborations with customer and business service providers. In fiscal year 2020, the government department announced $73.1 billion in sales from postal and other services, implying that digital postage stamps could tap into a sizable demand.
CaseMail’s usage case for NFTs is part of what appears to be a broader pattern of businesses incorporating real-world data on tokens. Individuals and technology companies have used NFTs this year to geotag street art and create a computer capable of storing and encrypting temperature, air quality, and other data to tokens in a proof-of-presence verification.