Diamond Dawn is a first-of-its-kind NFT project aimed at solving diamond authentication fraud using blockchain and NFT technology. According to the project’s founder, Mike Moldawsky (he comes from a famous family that has been in the gem business for over 65 years), the project’s purpose is to help people in most of the world’s conflict zones. It is to ensure the procurement of diamonds produced from Through ethical means while maintaining transparency, thanks to blockchain technology.
Non-Fungible Tokens (NFTs) may have started as a trend in the art and collectibles industry, but they have quickly moved into a highly valuable asset class. The underlying technology has also evolved over time, offering disruptive use cases in various sectors.
From the entertainment industry to the automotive sector, some of the largest brands and organizations are adopting 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, looks to NFTs to solve authentication fraud in the jewelry industry. We also contract with renowned artists and web3 developers to create engaging experiences around the Diamond NFT collection. But what is Diamond Dawn, how does it work, and what is it trying to achieve? Tag it and find out.
Diamond Dawn NFTs: What are they?
Diamond Dawn is a first-of-its-kind NFT project aimed at solving diamond authentication fraud using blockchain and NFT technology. Project founder Mike Moldawsky comes from a renowned diamond family that has been in the jewelry industry for over 65 years.
According to Moldowski, the aim of the project is to ensure that diamonds from conflict zones around the world are sourced ethically while maintaining transparency thanks to blockchain technology.
About the Diamond Dawn Team
The NFT project Diamond Dawn features a collection of 333 digital artworks designed by renowned NFT artist David Ariew. Moldawsky also signed on web3 innovator pioneer Tony Herrera and his UI designer Asaf Snir to bring the project to life.
In April 2022, Ariew’s painting “The Road Ahead” sold for $224,000 at Sotheby’s auction. He has also worked on his two of his three Beeple X Madonna NFTs. For those who don’t know, Beeple was the artist behind his most expensive NFT artwork ever (Everydays: the First 5,000 Days), which sold for $69.3 million.
Tony Herrera, on the other hand, is known for his innovations in the web3 space. He is the founder of several NFT and blockchain projects such as MeetbitsDAO, Galaxis and NeonDAO. Combined with Moldawsky’s experience in the jewelry industry, this project has all the elements of a commitment to success.
But how does Diamond Dawn work?
Diamond Dawn will create 333 digital artworks created as ERC-721 tokens (NFTs) on the Ethereum blockchain. Each of these artworks represent his GIA certified diamonds from the Moldowski collection.
The project will roll out in four phases over six months. In the first phase, investors will be able to mine rough diamonds in an online virtual mine designed by Asaf Snir. Through Stages 2 and 3, the collector polishes the virtual diamond and the finished product becomes a one-of-a-kind digital diamond designed by David Ariew.
And finally, in Stage 4, collectors can choose to redeem the NFT for a physical GIA certified diamond or retain the digital design instead. The color, shape and carat weight of real diamonds are exactly the same as the digital designs created by Ariew. Additionally, redeeming the physical diamond will burn the NFT version.
This ultimately leads to an insufficient number of virtual diamonds. Therefore, collectors holding NFTs may see significant price increases. In fact, the value of an NFT may even exceed the value of the real-world diamond it was designed for.
Purpose of the project
The main purpose of this project is to combat certification fraud in the diamond industry. The transparency of blockchain technology makes it possible to track diamonds and ensure they are not mined in conflict zones. This promotes ethical sourcing of precious stones.
Additionally, through the NFT’s metadata, collectors can easily and instantly verify the diamond’s provenance and authenticity. Additionally, each diamond in the collection has a GIA certification encoded in NFT metadata, permanently stored on the Ethereum blockchain.
This frees collectors from worrying about physical certificates that can be easily lost or damaged.
How to get Diamond Dawn NFTs?
Diamond Dawn is an invite-only NFT collection. Interested investors should apply for an invitation on the project website and explain why they are a good fit for the project. Additionally, collectors can only purchase up to 2 Diamond Dawn NFTs after receiving the invitation.
Conclusion
Blockchain technology and NFTs have the potential to revolutionize the diamond industry. The tamper-proof record and transparency they provide could help mitigate authentication fraud from the $100 billion diamond industry. Also, if projects such as Diamond Dawn succeed, it is possible that in the future all diamonds will be authenticated via the blockchain network.
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