Yesterday evening I came across this article from CoinTelegraph.
First of all, that is an amazing image. Imagine someone collecting stamps with that type of enthusiasm 😂
Secondly, the article piqued my interest because my dad has been collecting stamps for decades. I’ve seen him grow his collection over 30 years, with padded mailers arriving at our doorstep every few months while growing up. We’re all collectors at heart, whether it’s physical items, photos on our phones, or worthless JPEGs.
Lastly, the Faroe Islands is an autonomous territory consisting of 18 islands, and is a part of Denmark. It’s been on my travel bucket list for a while, one day…
So what’s up with these stamps that double as NFTs?
The Stamps of Maybe collection launched on June 23rd
There are 4 stamps in the set, representing each season
Each stamp has a supply of 7,500. Total supply of the collection is 30,000.
Each physical stamp is connected to a digital twin stored on Polygon
This collection was launched by Posta Faroe Islands, the USPS of the territory
Each stamp costs 100 Danish Krone, or ~$15, and they accept crypto
Each stamp is embedded with a NFC microchip that lets the owner verify the authenticity of the stamp
However, the most interesting mechanic that prompted me to write about this is how this stamp collection uses an oracle to determine the NFT metadata.
Oracles provide off-chain data to dApps (decentralized apps) and smart contracts.
We need a miracle, not an oracle for that one
Each seasonal stamp is tied to a weather condition provided by the oracle:
Winter - Rain
Spring - Wind
Summer - Temperature
Autumn - Humidity
Each of these seasonal traits is divided into 5 levels, and will hold that trait at the time of reveal. The NFT’s visual traits will reveal based on the current weather conditions thanks to the weather oracle.
So if I purchased a set and revealed each seasonal stamp right now, I would get the following weather traits:
Great, so we have expensive stamps with web3 bells and whistles, so what?
Have you experienced weather before? If so, share or subscribe!
Why would a legacy activity like stamp collecting explore web3 mechanics? Partly due to the fact that the term for stamp collecting is ‘philately’.
If you dislike the term ‘NFTs’ or ‘phygital’, you’ll really dislike this word.
On a more serious note, philately is in decline. If we were to look at the American Philatelic Society’s membership numbers:
1942: 4,769
1962: 12,973 (+172%)
1982: 54,220 (+318%)
2002: 49,911 (-8%)
2022: 26,386 (-47%)
I assume the global appeal of stamp collecting directionally follows this trend. And if stamp collecting were a company, it would be making some major changes to its product, marketing, and overall strategy, which is what we’re starting to see.
As activities that were popular in previous generations are in decline, they have less to lose when it comes to embracing new technologies and approaches. In the case of The Stamps of Maybe, maybe web3 can help attract a new (younger) audience of enthusiasts and stay relevant for future generations.
We’ve gone over the definition of oracles in crypto, but what are some analogs of this that we’re more familiar with? Following the logic of an ‘external’ data source informing the ‘application’ in question, we can see this in other areas of our lives.
Gaming - Pokemon Go
The popular AR game uses OpenStreetMap data to create maps and determine spawning points. For example, water Pokemon are more likely to spawn near bodies of water.
Sports - Los Angeles Lakers
As a former LA resident, I still recall the Jack in the Box offer that still exists today. When the Lakers win and hold their opponent under 111 points, everyone in attendance gets a coupon for 2 free tacos with the purchase of a drink.
Finance - Financial earnings reports and related news
Public stock prices move based on financial reports and company-related news. For example, last week Roblox announced that creators could build experiences that feature mature content and storylines for users 17+.
As a result, the stock dropped 7% the day this was announced.
As we can see, the concept of oracles sounds intimidating, especially when it comes to crypto. However, oracle-like mechanics are all around us.
Last week Polygon launched CoPilot, an AI guide that answers questions about all things Polygon.
How does Polygon CoPilot work?
Users connect their wallet to access the tool
The tool comes in Beginner and Advanced mode which adjusts the way it responds to prompts. There was also a ‘Degen’ mode last week, but it seems like it was removed due to being too…degen? 😂
RIP Degen Mode 🪦
Users start with 20 credits, and each prompt uses 3 credits. Credits replenish on a daily basis. Additional actions earn more credits, which is a nice growth loop.
Just as notable, Polygon CoPilot was created in partnership with Layer-E, a ‘Collectible Relationship Management’ company.
What features does CoPilot have?
Hub - Allows users to mint, analyze, trade, and learn within the web3 terminal
Extensions - Imports dApps into the hub to allow for more complex activities like purchasing NFTs, bridge assets, or conduct DeFi transactions
Agents - Widgets that sit within an app, providing increased capabilities within that app for customer services or app functionality
It’s not live yet, but we can see a preview of what Polygon may test in the future:
As the industry continues to simplify the space for mainstream users, tools like CoPilot will help soften some of these educational and functional rough edges. I expect to see more web3 companies and protocols create their own CoPilots to help developers, community members, and curious folks like myself.
PS: Shoutout to Ed from Myosin for pointing this tool out!
See you Thursday 📬
Collect this post as an NFT.
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