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Tokenized diamonds are on sale on the OpenSea marketplace

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NFT Tutorial: How To Buy, Sell, And Interact With Non-Fungible Tokens

Tokenized diamonds are on sale on the OpenSea marketplace

Tokenized diamonds are on sale on the OpenSea marketplace
CONTENT

  • You can buy diamonds for NFT tokens

  • Each diamond will be certified according to international standards

  • More and more companies are tokenizing their goods

International consortium of news organizations developing transparency standards.

This was announced by the founder of ShapeShift, which offers global trading in various digital assets, Jacques Voorhees. Now users of NFT tokens will be able to exchange them for real diamonds.

It was possible to tokenize diamonds for the first time

Tokenized diamonds are on sale on the OpenSea marketplace

 

According to Voorhees himself, they made several attempts to tokenize gems and metals, but all attempts were unsuccessful, since diamonds are not fungible. For example, if a user buys a 999-carat gold bar, then in fact it does not matter which of the bars will be delivered, because they are all the same in composition and weight. But with diamonds, it’s not that simple. Each stone has a different shape, transparency, weight, color and cannot be replaced with a similar one..

“I saw attempts to create diamond interchangeability all the way back to 1972, when the West Coast Mercantile Exchange tried to sell diamond futures contracts. Bidding lasted for about three days, and then the market collapsed because the contracts did not correspond to the goods, “Voorhees explained..

In order to organize the tokenized trade in diamonds, a number of necessary measures were taken, such as labeling, certification and others. Before being marked, all diamonds are certified by the Gemological Institute of America (GIA) and then sent to the Gemstone Certification and Certification Laboratory (GCal), which verifies the GIA certificate and provides a guarantee.

“So if it is ever found that their estimate was not accurate, they (GCal – author) will pay the difference in price,” Voorhees said..

Also, Voorhees explained, today there are no problems with regulating the sale of tokenized diamonds, so this product can be easily sold on the market..

Note that on the OpenSea marketplace, you can buy not only tokenized diamonds, but also racing cars, as well as other goods that can be purchased with NFT tokens.

Tokenization of goods is already a reality

Tokenized diamonds are on sale on the OpenSea marketplace

 

Note that today more and more companies are interested in tokenizing their products. Earlier BeInCrypto reported that the largest Russian producer of non-ferrous metals, Norilsk Nickel, is going to tokenize its goods. President of PJSC MMC Norilsk Nickel Vladimir Potanin previously reported that the introduction of a blockchain platform and the issuance of tokens, backed by the cost of metal, will allow the company to sell 20% of all manufactured products. With the help of tokenization, Nornickel intends to solve two global problems: to reduce administration costs and track the progress of materials along the entire supply chain, as well as to improve customer relations.

In addition, stablecoins were introduced to the market. Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More backed by fish. A Luxembourg-based start-up project that produces sardines in vintage cans, presented its own stablecoin Sard2020, the value of which is backed by a stock of fish. Co-founder and CEO of the project, Charlotte Ripetti, has confirmed that the stablecoin will indeed be developed on the Ethereum platform. Anyone can buy project tokens. As Ms Ripetti assures, the company has a stock of sardines, and on the basis of this stock a stablecoin will be created..

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