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.
- 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.