Infamous artist Sebastian Errazuriz launched the proprietary digital diamond-selling platform NFT Diamond Co. The company's premise is simple: it sells digital diamond NFTs for the price of real diamonds. The project is designed to draw the public's attention to the artificial scarcity in the real diamond market, manufactured by diamond sellers and suppliers. Errazuriz argues that, in comparison to real diamonds, digital diamonds are not that ridiculous a value proposition.
The NFT Diamond Co. offers a selection of 100 unique NFT diamond collectibles that can be bid on using Ethereum, a digital currency. The digital diamond NFTs will mature in carat size in step with their respective rising prices as they are bid on in the marketplace. The digital diamonds and their respective values are tracked using the blockchain system. They can be resold at any time.
Image Credit: Design Milk, NFT Diamonds Co.
Why This Trend Is Growing
- Digital Diamond Nfts
- The rise of digital diamond NFTs is disrupting the traditional diamond market and providing an opportunity for artists and collectors to invest in a new type of rare and valuable asset.
- Artificial Scarcity in Diamonds
- The focus on exposing artificial scarcity in the diamond market is creating opportunities for new marketplaces and business models that prioritize transparency and authenticity.
- Blockchain-backed Asset Tracking
- The use of blockchain technology to track the value and ownership of digital diamond NFTs is creating opportunities for innovation in the asset tracking industry.
Industries Being Reshaped
- Fine Jewelry
- The fine jewelry industry can benefit from exploring new business models and marketplaces that prioritize transparency and authenticity.
- Art Trading and Investment
- The rise of digital diamond NFTs is creating new investment opportunities for art collectors and traders.
- Blockchain Technology
- The use of blockchain technology for asset tracking is disrupting industries beyond cryptocurrency and presents opportunities for further innovation.
