Coinsilium Group Limited (LON:COIN) updated investors with further details of the launch of a cryptocurrency postage stamp by the government of Gibraltar and a non-fungible token (NFT) counterpart exclusively produced in collaboration with Vietnam-based RedFOX Labs.
The blockchain and crypto venture firm said the crypto postage stamp series will be limited to 50,000 in total, 10,000 of which have already been pre-reserved by the Gibraltar Philatelic Bureau (GPB) for its own clients and dealers worldwide.
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The stamp will retail for £6.95 and sales will officially open on May 17 to coincide with Bitcoin Pizza Day, a day in the crypto industry calendar commemorating a Florida man paying for two pizzas with 10,000 Bitcoins in 2010, which then carried a value of around US$41. At current prices, the same amount of Bitcoin would be valued at around US$603mln.
Pre-orders for the stamp will be accepted from April 19, while Coinsilium said purchasers of the stamp will also receive a first entitlement for the NFT collectable counterpart, with an exclusivity period of around eight weeks before the general release of the NFT in mid-July.
A total of 100,000 Gibraltar NFTs will be pre-minted and will be delivered online in a digital sealed pack, each of which will contain two NFTs representing one pack for each crypto postage stamp purchased.
The NFTs will also be minted with five levels of scarcity; common, uncommon, rare, ultra-rare and mythic rare, while the artwork will include 22 individual, exclusively commissioned, iconic images of Gibraltar following the design theme of the postage stamp. There will also be a further two mythic rare NFTs, each with specific design characteristics.
Coinsilium added that full details including pricing and purchase instructions for the NFT will be provided to purchasers of the postage stamps when sales officially open on May 17.