You may soon be able to ensure your diamond is forever, thanks to NFTs. Nonfungible tokens are emerging as a solution to diamond certification fraud.
Diamonds may be a girl’s best friend, but unfortunately, the billion-dollar diamond industry is rife with scandal and fraud. There have been a number of cases where lab-grown diamonds have been graded as natural diamonds. An example of this was seen last year when the International Gemological Institute analyzed and
In addition, consumers are able to resubmit a diamond for examination at GIA for any reason. This is known as a follow-up service. As a result, diamonds can be associated with multiple grading reports. This can be problematic for consumers since they may not be receiving original diamond certificates upon purchase.Unfortunately, diamond certificate fraud is becoming more common.
“NFT holders will start with a digital rough diamond and evolve their NFT on the blockchain with a process that mimics precisely the in-real life natural diamond process. Ultimately, the collector will need to decide whether they want to keep their diamond digital or burn it and transform it into its physical form,” he elaborated.
According to Moldawsky, such a process is also meant to raise awareness around the notion that digital NFTs can become scarce over time and, therefore, more valuable. “As more collectors decide to claim the physical art piece and burn the NFT, this will reduce the total NFT supply. As a result, digital NFTs will become more rare,” Moldawsky explained.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Taylor Swift's 'Eras' Tour Ticketing Debacle Could've Been Worse: She Almost Partnered With FTXTaylor Swift came close to finalizing a sponsorship deal worth over $100 million with FTX, the massive crypto exchange that just imploded into bankruptcy.
Read more »
ImmutableX gaming NFTs now available on Nifty GatewayImmutableX-powered NFTs from web3 games such as Gods Unchained, Guild of Guardians, Illuvium, Embersword and Planet Quest are now available on Gemini-owned NFT marketplace.
Read more »
ConstitutionDAO2 selling NFTs in fresh bid to buy US Constitution copyConstitutionDAO2 is crowdfunding with NFTs in a new attempt to buy a rare copy of the U.S. Constitution. But will it work in this bear market?
Read more »
He Keeps Art NFTs Hot in Crypto WinterThe generative artist raised $17 million in September before his QQL collection was even minted, a highlight amid the NFT market downturn. That’s why Tyler Hobbs is one of CoinDesk’s Most Influential 2022.
Read more »
The Teen Dropping $20M in NFTsIt’s hard to believe fewocious sold his first painting for just $90 in 2020. In October, the artist created the most expensive NFT for a collection with DavidBowieReal’s estate. MostInfluential2022, presented by bitstamp:
Read more »
Art Blocks CEO Erick Calderon on the Future of Generative Art NFTsArt Blocks is one of the most popular platforms bucking the downward market trend of NFTs with blockchain-based algorithmic art. Art Blocks CEO Erick Calderon, who was also listed as one of CoinDesk's Most Influential people this year, joins 'First Mover' to discuss the NFT generative art movement. [reward]051f219c-d9a6-4896-955c-401e59105dbc[/reward]
Read more »