NFTs, or NonFungible Tokens, are the new art form, and there is no denying the hype around them. NFTs are cryptographic assets that are based on the blockchain technology. These digital assets are unique as they cannot be forged or otherwise manipulated as they are non-fungible. And this is why they hold great value for the jewellery industry.
Simone Faurschou, an award-winning designer and owner of Simone Faurschou Jewellery, says, "Transparency and traceability are much needed in our industry, and this is something that blockchain technology will be able to help with. Since pieces are completely unique and in limited edition, each owner gets proof of ownership with the NFT."
Faurschou has a limited edition of solid 18K gold blocks that she crafts herself. The blocks immutably link to one another and form a chain/circle as the ultimate symbol of unity. Faurschou's collection borrows directly from the technology and is rightfully called the Blockchain Collection. With each physical piece, her customers also get an NFT version of the jewellery.
How are big brands entering the metaverse?
In August of 2022, Tiffany and Co entered the NFT space, and got involved with the CryptoPunk Community (which is a kind of pixelated avatar sold as an NFT). Here, 250 owners of the CryptoPunk NFT were given a chance to turn their avatar into a real-world gold, diamond and gemstone necklace. To carry this out, Tiffany made NFTiff passes, which were priced at 30 Ethereum (£41,600). These were sold out instantly, clearly showing how interested users are in both NFTs and jewellery.
This story is from the November - December 2022 edition of Diamond World.
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This story is from the November - December 2022 edition of Diamond World.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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