With disruptive technologies influencing many business sectors throughout the world, blockchain technology and cryptocurrencies are leading the way. New and unexpected blockchain solutions for the gems and jewellery business are emerging as the world moves toward a decentralized digital economy. In recent years, new start-up organizations and investment initiatives have developed that use blockchain technology to commoditize rare stones and diamonds as an investment, a concept known as asset-backed cryptocurrency.
Many jewelry designers struggle with NFTs and can't seem to figure out how to create their pieces NFT. It's difficult to identify what succeeds and what doesn't in the NFT market since it's so young and changing.
The NFT dispute is currently raging in the diamond and luxury jewelry markets. While Asprey, the royal jewelers, wants to issue NFTs, others are keeping away for the time being.