The Tamil Nadu police on Thursday created a unique history by presenting non-transferable digital assets in the form of NFTs minted with paintings of images of the idols seized during a raid conducted by the TN Idol Wing CID on November 18, to a five-member team.
The non-fungible tokens or NFTs can be preserved either as collectables which would appreciate with time or be used as currency for playing games in the Metaverse or to visit or buy a Monuverse or monetise it as a crypto coin to play in the virtual gaming sites of Guardian Link.
“The Tamil Nadu police is the first in the world to launch the Soulbound Tokens (SBT) and second in the world to issue NFTs. The Dubai police gave away NFTs to the public to symbolise innovation during GITEX 2022,” Idol Wing DGP K Jayanth Murali said.
Besides, Tamil Nadu police’s Idol Wing is the first police unit in the world to mint SBTs, a non-transferable form of NFT, as “Digital Medals” to motivate officers in the wing to make exceptional contributions, he said.
Digital medals will be awarded to recognise and commend officers for doing an extraordinary job. Such awards will only augment the existing reward system and will not replace any of the existing rewards in the police department, the DGP said.
“Digital rewards will only serve as an additional incentive to encourage and motivate officers to give their best,” he said and added that the Idol Wing has embarked on an initiative to make Tamil Nadu police the second police force in the world after Dubai to mint its NFTs to award them as rewards.
NFTs are unique digital assets which cannot be swapped for another item and are stored and corroborated using blockchain technology. The value of an NFT is linked to the fact they tend to be a one-of-a-kind item, with such rarity which drives up their worth. The present collection features 50 digital assets.
NFTs can be used to create digital versions of our cultural artifacts, allowing us to share our heritage with future generations.
The first five digital assets were presented as rewards today to the team headed by DSP Muthuraja and DSP Mohan, involved in seizing 15 idols from a residence in Chennai by posing as wealthy collectors.
Besides, an SBT was given as a Digital Medal to Inspector Indira for her outstanding work this year.
SSI Ramalingam, head constable Reagan and grade 1 constable Laxmikant were the other three who received the NFTs.
The NFTs were created by Arjun Reddy, Kameshwaran and Ramkumar, co-founders of Guardian Link. They readily agreed to design and mint the NFTs on behalf of the Idol Wing, the release said.
The Idol Wing plans to give NFTs to public who provide information on illegal possession of antique idols, movement of antique idols, provide information on stolen idols in foreign museums, recognise “Friends of Culture” and college students, who help to preserve culture and heritage of Tamil Nadu.