Israel has a new president. Isaac Herzog took the oath of office as the eleventh president of the Middle Eastern country on Wednesday. He is the son of a former president, who took the oath of office 38 years ago as the nation’s sixth president.
In an unique gesture, the Knesset, Israel’s unicameral legislative body or parliament, presented the new president with the tokenized digital version of his father’s signed oath of office document in the form of Non-Fungible Token or NFT.
The NFT was handed over to the president during his swearing-in ceremony in a special Knesset session on Wednesday. He was also given a printed copy of the document to hang in his new office. The NFT of the document, dated May 5, 1983, was secured on a cold storage device and handed over to the president. He will hold the NFT and return it at the end of his term.
NFT digital collectibles are minted on the blockchain such as Ethereum, which allows for an immutable record of authentication. The NFT of the ‘signed oath of office’ is an example of a moment in history stored as an NFT. These can be in the form of documents, videos, pics or even screenshots of an event.
The encrypted digital image of the oath of office, signed by former President Chaim Herzog, was created using the services of blockchain and NFT by Knesset’s Technology and Computing Division after retrieving the original document from the parliamentary archives.
This is reportedly the world’s first government entity to employ blockchain technology or create NFTs. Isaac Herzog has also become the first head of a country to receive an NFT on his inauguration day.
NFTs are currently the hottest product in the digital asset space and have recently gone mainstream. Celebrities are seen launching NFTs for their art and music collections as another revenue stream for their work. When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights.
NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This type of token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.
NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity secured on blockchain. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information using the blockchain’s digital ledger to provide irrefutable proof of authenticity and ownership.
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