Diamonds continue to shimmer in the digital world. Already one of nature’s most beautiful creations, diamonds continue to gain popularity as one of the most-desired NFT assets.
Crypto and diamonds already have a storied history. A mystery buyer paid $12.3 million in virtual currency for a diamond from a Sotheby’s auction in 2021. Now, these precious gems continue to gain notoriety as famous figures bring jewelry to the blockchain such as GemSet.
Last year, well-known rapper Lil Pump released a range of NFT chains on the Sweet marketplace. Each piece of jewelry featured three shades of intertwined gold adorned with thousands of diamonds.
As the digital merchandise sold, Lil Pump noted in a press release how NFTs “are the future.”
Many argue diamonds and NFTs are a proverbial ‘match made in heaven’ due to the unique nature of each asset and the ease of selling high-value, investment-grade diamonds on metaverse marketplaces. A growing number of diamond-focused NFT entities offer a wide range of natural and rare colored gems and unique jewelry – with an array of colors, clarity, and carat.
Some projects, like NFT Diamonds and Co., market ‘Digital Diamonds’ that exist as a limited series, ensuring these digital assets remain scarce and valuable.
Despite enthusiastic marketing campaigns by jewelers, physical diamonds are not as scarce as many believe. They often resell at just 25-50% of the original purchase value. Retail markups alone can exceed 100-200% of the actual market value for a diamond.
The ease of buying and selling NFT diamonds keeps these assets liquid and tradable, especially as auction houses and other online platforms notice a marked increase in the number of tech-savvy millennial bidders on jewelry and watches.
In fact, even those working at leading auction houses understand the disruptive nature of crypto and NFTs. Former Christie’s head of digital sales Noah Davis left the British auction house in Summer 2022 to work for CryptoPunks.
In his eyes, “blockchain is on the cusp of being integrated into every single creative industry that exist.”
NFT technology also helps confirm diamond authenticity and provenance by documenting ownership history, an almost-impossible task in some facets of the physical diamond industry.
As a result, NFT diamonds have an allure for those concerned about the destructive practices of the physical diamond trade, due to adverse environmental impact and the presence of child labor.
Uniquely, the marriage of diamonds and NFTs is also reorienting countless people across the world about conceptual changes to the definition of ‘assets’ itself.
In August 2021, Tascha Tweeted about purchasing a natural diamond, destroying it, and then minting the asset as an NFT to “see how much value the NFT retains.” She argued that even if the physical diamond was destroyed, “you still have the same asset. Because the token still exists and is in limited supply just as before.”
The digital diamond later sold in September 2021 for 5.5125 WETH.
Innovation like Tascha’s experiment only continues to prove NFT diamonds pose significant advantages over their physical counterparts, especially as NFT technology boosts authenticity, documentation, and enhances diamond traceability.
Fortunately, crypto trailblazers like GemSet NFT creator Johnathan Schultz offer the best of both worlds – physical and NFT diamonds. The Las Vegas-based artist and entrepreneur is already world-famous for integrating diamonds into his artistic endeavors.
He’s now working on an exclusive GemSet 10K Generative NFT collection.
Each GemSet NFT is associated with real, physical diamonds that can also be staked to unlock rewards like art, merchandise and IRL activations at exclusive events.
The mint date for GemSet and the price is TBD, but those interested in the project can visit the official website, Twitter, and Instagram for more details and updates.
Media Details
Company Name: GemSet
Website: https://www.gemset.io
Mail: [email protected]
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
Credit: Source link
