NFTs at it’s peak as the Isreal’s new President is set to receive a digital version of an oath signed by his father.
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The Knesset, Israel’s unicameral legislative body, could become the world’s first government body to use blockchain technology, and more specifically – NFTs.
The incoming President Isaac Herzog will reportedly receive an NFT of the original oath signed by his late father – the nation’s sixth President.
- Born in 1960, Isaac Herzog is the President-elect of Israel who could go down in history as the first head of a country to receive a non-fungible token on his inauguration day.
- Per a local report, Miki Levy, the Knesset Speaker, will hand him a digitized version of the original oath signed by his late father – Chaim Herzog.
- The officials have acted fast on the matter as they found the oath in the Knesset archives a week ago.
- It’s dated May 5th, 1983, and it reads that President Herzog I pledges to be “faithful to the State of Israel and its laws and to faithfully fulfill my role as President.”
- His son, the incoming President, is expected to repeat the same oath upon his inauguration.
- After the finding, the next Israeli head of state wanted to have the oath immortalized, and Knesset’s Technology and Computing Division decided to use the services of blockchain and NFT.
- Non-fungible tokens have skyrocketed in popularity in previous months, with celebrities from every field rushing to launch their own to enhance fans’ engagement.
“Non-fungible tokens (NFTs), also often referred to as crypto collectibles, expand upon this idea. Unlike cryptocurrencies, where all tokens are created equally, non-fungible tokens are each unique and limited in quantity. NFTs are one of the key building blocks of a new, blockchain-powered digital economy”.
A Brief Explanation on “What is NFTs?”
So for example: Social media networks like Twitter or Facebook where everyone has their own unique account representing their own online activity are all non-fungible digital assets. These assets vary in their tradeability, liquidity, cost and interoperability.
These assets or tokens can be represented on blockchain using ERC721 or ERC115. Where each collectibles, items etc can be represented with their own unique IDs.
Using Trust Wallet or any other compatible wallet, you can easily set up your account via your ethereum wallet to access and trade collectibles.