Page 10 - Layout 1

Gibraltar Finance Report
Continued from p8
cryptocurrency postage stamp. The NFT images will be minted with varying levels of scarcity ranging from ‘Common’ to ‘Mythic Rare’, as individual constituents making up a collectible set.
Purchasers of the cryptocurrency postage stamp have first rights to reserve their NFTs, with an exclusivity period of approximately 8 weeks, prior to general release, which is slated for around mid-July 2021.
Bitcoin and Ethereum
The cryptocurrency postage stamp series is limited to 50,000 in total, 10,000 of which have been pre-reserved by the Gibraltar Philatelic Bureau Ltd. The GBPL accepts payments for the stamps in cryptocurrencies including Bitcoin and Ethereum, through a payments facility provided by Digital Asset Management Ltd in Gibraltar.
Commenting, Aaron Enriles, Managing Director, Gibraltar Stamps said: “We are delighted to be issuing a unique limited edition cryptocurrency postage stamp, celebrating this revolutionary technology. The crypto stamps will be sold to thousands of collectors worldwide and Gibraltar will be amongst a handful of countries to have ever issued a postage stamp in this innovative digital space.”
This event poses as a landmark in Gibraltar’s technological advancements, being the first of its kind to occur globally.
Gibraltar has long recognised the power of blockchain technology, this NFT sale has provided an opportunity to showcase the well-established legislative framework that it hosts for businesses that operate on Distributed Ledger Technology. The combined work of the Gibraltar post office and Coinsilium highlights how well blockchain technology is understood across various bodies and the appreciation for digital innovation.
Malcolm Palle, Co-Founder & Executive Chairman, Coinsilium said: “With the huge wave of global interest we are now witnessing in NFTs, the launch of the Gibraltar cryptocurrency stamp has provided Coinsilium with the perfect opportunity to showcase this exciting blockchain innovation within the traditional philatelic market, thereby broadening its appeal to a whole new generation of ‘Digital Collectibles’ enthusiasts. We couldn’t be more proud and excited to be involved!”
NFT revolution
Minister for Postal Services the Hon Vijay Daryanani said “I am pleased to support this initiative between the Gibraltar Philatelic
Bureau and Coinsilium Gibraltar on the launch of the Gibraltar Crypto Stamp. Gibraltar became the first jurisdiction to introduce a legal framework to licence and supervise the use of Distributed Ledger Technology (DLT) and is globally renowned for its commitment to creating a sustainable and secure regulatory framework for DLT. Gibraltar has also asserted its position as a leading blockchain and virtual assets hub and a leading proponent in the advancement of this technology. This stamp is another example of our desire to innovate in this area, in partnership with the private sector ”.
This is the beginning of the NFT revolution, which will ultimately change the way in which we live, purchase and trade. NFTs not only serve as a tool to make artwork and other unique assets more discoverable, they also ensure that artists and creators are rewarded for their work. Depending on how the NFT is designed, those who are listed as the designated benefactors can receive royalties, making the sale of creative work in the form of NFTs particularly useful for industries such as artwork and music where profit is not always derived from the reselling of such assets.
Digital world,
Now that the unique commodity of stamps has been transferred to the digital world, revolutionising the collectibles space, what is next for organisations or individuals that wish to follow suit? The sale of NFTs has not been confined to collectibles such as artwork and trading cards, recent months have seen land ownership and real estate, both digital and real world, being sold as NFTs. In order for this technology to progress internationally and across industries, states must commit to building legislative processes that produce regulatory environments that are appealing to the blockchain and cryptocurrency communities.
www.gibraltarfinance.gi
10 Gibraltar International
www.gibraltarinternational.com