A Look At Diamond Dawn An Nft Collection Linked To Real Diamonds
Diamond Dawn is a first-of-its-kind NFT project that aims to use blockchain and NFT technology to help solve diamond certification fraud. According to the projects founder Mike Moldawsky, who is from a renowned family that has been in the gemstone business for over 65 years, the aim of the project is to ensure that diamonds, most of which come from conflict zones in the world, are sourced through ethical means while maintaining transparency, thanks to blockchain technology.
Non-Fungible Tokens (NFTs) may have started as a fad in the arts and collectables industry, but they have quickly transitioned into an extremely valuable asset class. The underlying technology has also evolved over time, providing disruptive use cases across different sectors.
From the entertainment industry to the automobile sector, several of the biggest brands and organisations have adopted NFT technology to improve their legacy systems. And perhaps the latest and most interesting addition to the digital asset bandwagon is the diamond industry.
A promising new project Diamond Dawn is turning to NFTs to help solve certification fraud in the gemstone industry. It has also signed up renowned artists and web3 developers to create a compelling experience around its diamond NFT collection. But what is Diamond Dawn, how does it work and what does it aim to achieve? Tag along to find out.
Diamond Dawn NFTs: What are they?
Diamond Dawn is a first-of-its-kind NFT project that aims to use blockchain and NFT technology to help solve diamond certification fraud. The projects founder, Mike Moldawsky, is from a renowned diamond family that has been in the gemstone business for more than 65 years now.
According to Moldawsky, the aim of the project is to ensure that diamonds, most of which come from conflict zones in the world, are sourced through ethical means while maintaining transparency, thanks to blockchain technology.
About the Diamond Dawn team
Being an NFT project, Diamond Dawn will feature a collection of 333 digital artworks designed by renowned NFT artist, David Ariew. Moldawsky has also signed up pioneering web3 innovator, Tony Herrera, and expert UI designer, Asaf Snir, to bring the project to life.
In April 2022, Ariews The Road Ahead artwork sold for $224,000 at a Sothebys auction. He has also worked on 2 of the 3 Beeple X Madonna NFTs. For the unacquainted, Beeple is the artist behind the most expensive NFT artwork ever (Everydays: the First 5,000 Days) which sold for $69.3 million.
On the other hand, Tony Herrera is known for his innovations in the web3 realm. He is the founder of several NFT and blockchain projects, including MeetbitsDAO, Galaxis, NeonDAO, etc. Together with Moldawskys experience in the gemstone industry, the project has all the makings of a successful endeavour.
But how does Diamond Dawn work?
Diamond Dawn will create 333 digital artworks, minted as ERC-721 tokens (NFTs) on the Ethereum blockchain. Each of these artworks will represent a GIA-certified diamond from the Moldawsky collection.
The project will unfold in four phases, over a six-month period. The first phase will allow investors to mine a rough diamond in an online virtual mine designed by Asaf Snir. Through stages 2 and 3, the collector will polish the virtual diamond, with the finished product being a one-of-a-kind digital diamond designed by David Ariew.
And finally, stage 4 is where the collector can choose to redeem the NFT for a physical, GIA-certified diamond or retain the digital design instead. The colour, shape, and carat weight of the real diamond will be exactly as per the digital design created by Ariew. Moreover, upon redeeming the physical diamond, the NFT version will be burnt.
This will eventually lead to a scarcity in the number of virtual diamonds. Therefore, collectors who hold on to their NFTs could see significant price appreciation. In fact, the value of the NFT could even exceed the value of the real-world diamond it is designed around.
The objective behind the project
The projects main aim is to help eradicate certification fraud in the diamond industry. With the transparency of blockchain technology, it will be possible to trace the diamonds and ensure they have not been mined in conflict zones. This will encourage the ethical sourcing of precious stones.
Further, through the NFTs metadata, collectors can easily and instantly ascertain the source and legitimacy of the diamond. Moreover, each diamond in the collection will have its GIA certification encoded into the NFT metadata which is then stored permanently on the Ethereum blockchain.
This ensures that collectors do not have to worry about physical certificates, which can easily be lost or damaged.
How to get your hands on a Diamond Dawn NFT?
Diamond Dawn is an invitation-only NFT collection. Interested investors need to apply for invitations on the projects website and explain why they are a good fit for the project. Further, even after receiving an invite, collectors can only purchase a maximum of two Diamond Dawn NFTs.
Conclusion
Blockchain technology and NFTs could revolutionise the diamond industry. The tamper-proof records and transparency they provide could help alleviate certification fraud from the $100 billion diamond industry. And if Diamond Dawn and other such projects find success, there is a possibility that, in the future, all diamonds will be authenticated via blockchain networks.
