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Israel’s Incoming President to get Presidential Oath NFT

Published July 7, 2021 | Updated July 7, 2021

Source: Euronews

Israel’s Incoming President to get Presidential Oath NFT

NFT mania has hit the Israeli parliament as Isaac Herzog, the 11th President of Israel would receive the digital blockchain certified version of the first draft oath. Herzog is all set to take charge after 87 Knesset members voted for him. The incoming president would receive Non-Fungible Token (NFT) of the original Presidential oath signed by his father, who served as the sixth president of the country.

The Israeli parliament becomes the first of its kind to indulge with such modern technology as the idea took shape within a week of the announcement. As per the reports, The first copy of the original oath was recently discovered in the archives, to which parliament members suggested offering a copy of the historic document to the incoming president, and someone put forward the idea of using NFT for the purpose. The NFT would be presented to the president by the speaker of the house who said,

I am thrilled to give President-elect Herzog a special memory from his father that includes the wording of the oath he signed 38 years ago,” said Knesset Speaker Mickey Levy. It

The NFT was minted under the supervision of Knesset Director-General Gil Segal. The members of Knesset’s Technology and Computing Division produced the unique image file using a secure and coded mobile.

NFT Market Saw $2.5 Billion in Sales

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This bull season NFTs has become the most sought-after crypto use case and many mainstream celebrities, sports stars, and artists have already launched and auctioned their NFT product. Many of these celebrity NFTs fetched millions. A recent report indicated that the NFT market accounted for over $2.5 billion in sales in the first two quarters of 2021.

The NFT mania started with a digital artist called Beeple whose artwork sold for a whopping $69 million. As the popularity of this blockchain-certified real-world art and memorabilia grew, many mainstream platforms joined the league. A recent report suggests Instagram could also start an NFT marketplace in near future.

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Prashant Jha 794 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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