“Crypto” stamp paralyzes Swiss Post’s online shop

“Crypto” stamp paralyzes Swiss Post’s online shop
“Crypto” stamp paralyzes Swiss Post’s online shop
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    The Post is struggling to cope with the rush …

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    … to cope with the first crypto postage stamp in Switzerland.

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    Swiss Post’s online shop has been paralyzed for hours.

At the end of September, Swiss Post announced the launch of the first crypto postage stamp – and has now landed a coup. The rush for the stamp was so great on Thursday morning that the online shop was no longer accessible, as the Post confirmed on request.

The crypto postage stamp has an edition of 175,000 copies. Four hours after the start of sales, the 175,000 pieces are already sold out. As a result, the situation in the online shop is normalizing, as a Post spokesman writes: “Our technicians are on to rectify the last few faults.”

Post surprised by the rush

Swiss Post did not expect such a run on the crypto stamps to start. “In the past few weeks, the Post has been contacted by many interested collectors,” the statement continues. “We are of course pleased about the great demand. We didn’t expect it to be that big on the first day. “

The crypto postage stamp is a collector’s item. Anyone who has not struck in the first few hours is left with nothing, the inventory is not replenished.

The postage stamp consists of two parts: a physical postage stamp worth CHF 8.90 and an associated digital image that is stored on a blockchain. This “digital twin” shows one of 13 possible subjects and can be collected, exchanged and traded online.

Digital mountains

The world’s first “Crypto Stamp” was launched in 2019 by the Austrian Post. In the meantime, several successor versions have already appeared. The “Swiss Crypto Stamps” with subjects of the most famous Swiss mountains combines a classic postage stamp with a digital image by means of a so-called NFT (Non-Fungible-Token). Swiss Post publishes the “Crypto Stamp” in cooperation with the Zug-based IT service company Inacta.

An NFT is a clearly identifiable object that, as a “digital twin”, maps an object on a blockchain. In the case of postage stamps, these tokens work as follows, according to the Post: “All stamps with the same subject form a group on the blockchain and are clearly registered as such,” says the Post’s website.

Collect and trade

Each of these groups of brand images consequently forms an NFT. Within a group, however, there are “fungible tokens”, i.e. exchangeable and thus also tradable digital stamps.

With the “Swiss Crypto Stamp”, Swiss Post wants to build a bridge from the physical to the digital world in philately. With the crypto stamp, collecting and trading is now also possible online using blockchain.

In contrast, Swiss Post itself does not operate its own blockchain platform on which “crypto stamps” can be traded. Anyone who wants to trade in the new types of postage must do so using the existing blockchain application, as is emphasized. (SDA / koh / sfa)

Source

Crypto stamp paralyzes Swiss Posts online shop

 
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