Israel welcomes eleventh president with oath of office on NFT

With the ability to digitally represent non-fungible tokens (NFTs) in a wide variety of assets, the underlying technology already has many use cases, including digital assets and collectibles.

One of the most recent use cases comes from Israel, where the government has decided to greet President-elect Isaac Herzog with the NFT oath. The NFT is a digital representation of the oath signed by his father and the country’s sixth President, Chaim Herzog.

According to local news agency Ynet, Knesset spokesman Mickey Levy presented the NFT to the Israeli President-elect. “In addition to the digital file, we also gave him a printout to hang up in his new office,” says Levy.

Father Herzog’s original oath of May 5, 1983 pledged “to fulfill the State of Israel and its laws and my role as President of the State of Israel”.

After the NFT device has been delivered to Herzog, it is transferred to the computing unit in the presidential house. The NFT is not for sale and is expected to remain in the cold store until it is returned at the end of Herzog’s term of office.

Connected: Highest NFT revenue of $ 2.5 billion in the first half of 2021

NFT has become a hot investment over the past year. According to a recent report from DappRadar, on-chain NFT sales peaked over $ 2.5 billion in the first two quarters of 2021. Compared to their $ 13.7 million performance in 2020, NFTs are seeing growing interest from the broader investment community.

Twitter CEO Jack Dorsey recently caused a stir when he sold his first tweet for around $ 3 million. This trend is slowly emerging as other entrepreneurs try to sell their intellectual property through NFT.