A Growing Collection Of Jewelry-backed NFTs Launched
Just Gems NFT is a growing collection of jewelry-backed NFTs launched. It is a unique idea that will help luxury items and NFT collectors buy appreciating "gems" from anywhere in the world, prove ownership on the blockchain, give them to friends and family, and redeem them for real-world assets (starting with jewelry).
At the same time, jewelry stores around the world can sell more jewelry while keeping some pieces locked up for NFT owners who want to redeem their jewelry on-site.
During this pilot phase of the project, a unique set of jewelry from one "Just Jewels" Makati branch (justjewels.com.ph) will be minted and sold as an NFT on the Just Gems NFT website or from secondary markets starting with "OpenSea" (opensea.io). All of the jewelry NFTs are one-of-a-kind and in great shape.
Just Jewels is one of the first trusted brands to start selling asset-backed NFTs in Just Gems NFT. In the future, more brands will be added, as well as other types of luxury goods besides jewelry.
COPYRIGHT_BER: Published on https://www.bernardine.com/a-growing-collection-of-jewelry-backed-nfts-launched/ by Barbara Mitchell on 2022-10-17T01:27:33.631Z
This is a first in the web3 industry: an NFT from a well-known and trusted brand is backed by a real-world asset (and more brands in the future). In the web3, crypto, and NFT space, the last few years have seen bullish feelings and a global crypto market cap worth trillions of dollars.
Most crypto and NFT projects have had too much hype and fear of missing out (FOMO). For example, BTC, ETH, and NFTs were all hitting all-time highs, and the value of each is mostly intangible and/or digital.
People made a lot of money overnight with meme coins like DOGE and SHIB, and digital art got a huge boost in the NFT industry (for example, Bored Ape Yacht Club (BAYC), Moonbirds, and other blue-chip NFTs that are still around today).
This is shown by the sale of BAYC #7537 for 1024 ETH (or $1.3 million) in June 2022. All of that came to an abrupt end a few months ago, when the value of crypto dropped by about two-thirds and the number of NFT transactions in OpenSea dropped by 99%.
Now you want to know why the market lost more than $3 trillion in such a short amount of time. The simple answer is that it was all hype. Demand vs. supply without knowing the actual value of an asset.
There were other things that made people feel bad about crypto coins, tokens, and NFTs, such as the LUNA crash and the "rug pull" of promising projects. And since the crypto winter has been going on for so long, it seems hard for people to trust new crypto and NFT projects for fear of losing a lot of their hard-earned money again.
So, from the ashes of hyped and overpromised projects to the rise of asset-backed NFTs, Just Gems NFT wants to be at the forefront of using high-value assets (like jewelry) to back a promising tech-vehicle (NFTs) using a decentralized trustless technology (blockchain) to create a new paradigm shift in asset ownership and meta-commerce.
This is the first time in the world that the efficiency of blockchain has been used in the real world, with the ability to buy, sell, and redeem asset-backed NFT using jewelry and real-world locations to complete the business model structure.
The real jewelry can be redeemed at any time at the store. It could be worn, sold for cash, or given to a friend or family member.
Blockchain has been used for web3 transactions for a while now. Having asset-backed tokens & NFTs is still picking up. But the number of people who understand and care about the industry has grown by a factor of ten.
Think about how web3 (blockchain) transactions could be used to buy food, travel tickets, real estate, and many other things.
It's not a question of if, but of when.
On the side of jewelry businesses, keep and protect the jewelry that has already been paid for somewhere in the world. This is done so that the exact value of the jewelry is reflected in the value of the NFT. It is not affected by the crazy prices of tokens and NFTs, just like the stablecoins USDT and USDC, which are backed by the same amount of USD.
With this first-of-its-kind idea, the customer mints the jewelry NFT he or she wants from the website, and it then shows up in his or her token/NFT wallet. Once the jewelry NFT is made, it shows up automatically on the secondary market of trusted sites like OpenSea.
The customer can either keep the jewelry or give it to someone else. The customer will also be able to go to the location and exchange the NFT for real jewelry. The store then burns this NFT to make sure it will never be kept or sold again.
The important parts of Just Gems NFT are that it is backed by a name that people know and trust, that it is easy to buy, store, and use, and that it has a safe place for third-party owners to store these high-value items.
Even if the pilot phase only allows the purchase of NFT from anywhere in the world, its transfer from one person (wallet) to another, and the redemption of the exact jewelry that the NFT stands for, it opens up so many possibilities for insurance, loans, remittance, and other relevant services that can do it in a more secure way (blockchain) and for much less money.
Let's say a customer is a Filipino OFW working in Italy. He or she would then buy (mint) the jewelry NFT from the website and get the NFT in his or her digital wallet (e.g. MetaMask).
He would be happy about it and not worry about the NFT losing value. Because real jewelry is kept somewhere in the Philippines in a safe place, which is a trusted jewelry store.
The real jewelry can be redeemed at any time at the store. It could be worn, sold for cash, given as a gift, or kept as a timeless reminder of how wealth is passed down from generation to generation.
It's a different idea, for sure, but it's an interesting one that could grow in many markets around the world. A sure sign that something will happen.