Non-fungible tokens have gained traction across Asia, but in Thailand, the phenomenon has taken on a distinctive local twist: amulets featuring a revered abbot of a Buddhist monastery that believers say ward off evil spirits.
Fast facts
- Crypto Amulets is a company that develops NFT amulets on the Ethereum blockchain. Founded in March, it offers 8,000 NFTs with prices ranging from 0.02 ETH (US$40) to 0.8 ETH.
- Some Thais believe the amulets bring luck thanks to the abbot’s blessing. They are printed on paper and blessed by Luang Phu Heng Papaso, a highly-respected, 95-year-old abbot from the Pattana Thamkaram Temple in Surin province in Thailand’s northeast.
- Crypto Amulets has sold 1,680 of its NFTs, according to Deya Chan, a web developer. Using blockchain technology, users can verify each amulet and its original owner, preventing counterfeiting.
- Just four weeks ago, Thailand’s Securities and Exchange Commission issued new rules that restrict crypto exchanges from providing services related to meme tokens such as Dogecoin, fan tokens, non-fungible tokens and tokens issued by exchanges to facilitate transactions.
- The regulatory clampdown was followed by a recent warning from the Bank of Thailand against using cryptos as payment as well as a demand that entrepreneurs planning to launch decentralized finance projects obtain licenses for coin offerings.
This news is republished from another source. You can check the original article here.
Be the first to comment