From the leisure trade to the auto sector, a number of of the most important manufacturers and organisations have adopted NFT know-how to enhance their legacy techniques. And maybe the newest and most fascinating addition to the digital asset bandwagon is the diamond trade.

A promising new challenge — Diamond Daybreak — is popping to NFTs to assist remedy certification fraud within the gemstone trade. It has additionally signed up famend artists and web3 builders to create a compelling expertise round its diamond NFT assortment. However what’s Diamond Daybreak, how does it work and what does it purpose to attain? Tag alongside to seek out out.

Diamond Daybreak NFTs: What are they?

Diamond Daybreak is a first-of-its-kind NFT challenge that goals to make use of blockchain and NFT know-how to assist remedy diamond certification fraud. The challenge’s founder, Mike Moldawsky, is from a famend diamond household that has been within the gemstone enterprise for greater than 65 years now.

Based on Moldawsky, the purpose of the challenge is to make sure that diamonds, most of which come from battle zones on the planet, are sourced via moral means whereas sustaining transparency, because of blockchain know-how.

Concerning the Diamond Daybreak workforce

Being an NFT challenge, Diamond Daybreak will function a set of 333 digital artworks designed by famend NFT artist, David Ariew. Moldawsky has additionally signed up pioneering web3 innovator, Tony Herrera, and skilled UI designer, Asaf Snir, to deliver the challenge to life.

In April 2022, Ariew’s “The Highway Forward” paintings bought for $224,000 at a Sotheby’s public sale. He has additionally labored on 2 of the three Beeple X Madonna NFTs. For the unacquainted, Beeple is the artist behind the most costly NFT paintings ever (Everydays: the First 5,000 Days) which bought for $69.3 million.

However, Tony Herrera is thought for his improvements within the web3 realm. He’s the founding father of a number of NFT and blockchain initiatives, together with MeetbitsDAO, Galaxis, NeonDAO, and so on. Along with Moldawsky’s expertise within the gemstone trade, the challenge has all of the makings of a profitable endeavour.

However how does Diamond Daybreak work?

Diamond Daybreak will create 333 digital artworks, minted as ERC-721 tokens (NFTs) on the Ethereum blockchain. Every of those artworks will characterize a GIA-certified diamond from the Moldawsky assortment.

The challenge will unfold in 4 phases, over a six-month interval. The primary section will enable traders to mine a tough diamond in a web based digital mine designed by Asaf Snir. By means of levels 2 and three, the collector will polish the digital diamond, with the completed product being a one-of-a-kind digital diamond designed by David Ariew.

And at last, stage 4 is the place the collector can select to redeem the NFT for a bodily, GIA-certified diamond or retain the digital design as a substitute. The color, form, and carat weight of the actual diamond can be precisely as per the digital design created by Ariew. Furthermore, upon redeeming the bodily diamond, the NFT model can be burnt.

It will ultimately result in a shortage within the variety of digital diamonds. Due to this fact, collectors who maintain on to their NFTs may see important value appreciation. In actual fact, the worth of the NFT may even exceed the worth of the real-world diamond it’s designed round.

The target behind the challenge

The challenge’s foremost purpose is to assist eradicate certification fraud within the diamond trade. With the transparency of blockchain know-how, it is going to be potential to hint the diamonds and guarantee they haven’t been mined in battle zones. It will encourage the moral sourcing of treasured stones.

Additional, via the NFT’s metadata, collectors can simply and immediately confirm the supply and legitimacy of the diamond. Furthermore, every diamond within the assortment could have its GIA certification encoded into the NFT metadata which is then saved completely on the Ethereum blockchain.

This ensures that collectors don’t have to fret about bodily certificates, which may simply be misplaced or broken.

The best way to get your fingers on a Diamond Daybreak NFT?

Diamond Daybreak is an invitation-only NFT assortment. traders want to use for invites on the challenge’s web site and clarify why they’re match for the challenge. Additional, even after receiving an invitation, collectors can solely buy a most of two Diamond Daybreak NFTs.

Conclusion

Blockchain know-how and NFTs may revolutionise the diamond trade. The tamper-proof data and transparency they supply may assist alleviate certification fraud from the $100 billion diamond trade. And if Diamond Daybreak and different such initiatives discover success, there’s a risk that, sooner or later, all diamonds can be authenticated through blockchain networks.