A look at Diamond Dawn — A Nft collection related to real diamonds
Diamond Dawn is a first-of-its-kind NFT project that aims to use blockchain and NFT technology to solve diamond certification fraud. According to the project’s founder Mike Moldawsky, who is from a well-known family that has been in the gemstone business for over 65 years, the goal of the project is to ensure that diamonds, most of which come from conflict zones in the world, are collected. through ethical means while maintaining transparency, thanks to blockchain technology.
Non-Fungible Tokens (NFTs) may have started as a fad in the art and collectibles industry, but they have quickly transitioned into an extremely valuable asset class. The underlying technology has also developed over time, providing disruptive use cases across various sectors.
From the entertainment industry to the automotive sector, several of the biggest brands and organizations have adopted 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 – is turning to NFTs to help solve certification fraud in the gemstone industry. It has also enlisted famous artists and web3 developers to create a compelling experience around the diamond NFT collection. But what is Diamond Dawn, how does it work and what does it aim to achieve? Join us to find out.
Diamond Dawn NFTs: What are they?
Diamond Dawn is a first-of-its-kind NFT project that aims to use blockchain and NFT technology to solve diamond certification fraud. The project’s founder, Mike Moldawsky, is from a famous diamond family that has been in the gemstone business for more than 65 years now.
According to Moldawsky, the goal of the project is to ensure that diamonds, most of which come from conflict zones in the world, are sourced through ethical means while maintaining transparency, thanks to blockchain technology.
About the Diamond Dawn team
As an NFT project, Diamond Dawn will feature a collection of 333 digital artworks designed by acclaimed NFT artist David Ariew. Moldawsky has also enlisted pioneering web3 innovator, Tony Herrera, and expert UI designer, Asaf Snir, to bring the project to life.
In April 2022, Ariew’s “The Road Ahead” artwork sold for $224,000 at a Sotheby’s auction. He has also worked on 2 of the 3 Beeple X Madonna NFTs. For those unfamiliar, Beeple is the artist behind the most expensive NFT artwork of all time (Everydays: the First 5,000 Days) which sold for $69.3 million.
On the other hand, Tony Herrera is known for his innovations in the web3 realm. He is the founder of several NFT and blockchain projects, including MeetbitsDAO, Galaxis, NeonDAO, etc. Together with Moldawsky’s experience in the gem industry, the project has every chance of a successful effort.
But how does Diamond Dawn work?
Diamond Dawn will create 333 digital artworks, minted as ERC-721 tokens (NFTs) on the Ethereum blockchain. Each of these works of art will represent a GIA-certified diamond from the Moldawsky Collection.
The project will unfold in four phases, over a six-month period. The first phase will allow investors to mine a rough diamond in an online virtual mine designed by Asaf Snir. Through steps 2 and 3, the collector will polish the virtual diamond, with the finished product a unique digital diamond designed by David Ariew.
And finally, step 4 is where the collector can choose to redeem the NFT for a physical, GIA-certified diamond or keep the digital design instead. The color, shape and carat weight of the real diamond will be exact according to the digital design created by Ariew. When redeeming the physical diamond, the NFT version will also be burned.
This will eventually lead to scarcity in the number of virtual diamonds. Therefore, collectors holding on to their NFTs may see significant price appreciation. In fact, the value of the NFT may even exceed the value of the real diamond it is designed around.
The goal behind the project
The project’s main goal is to help eradicate certification fraud in the diamond industry. With the transparency of blockchain technology, it will be possible to trace the diamonds and ensure that they are not mined in conflict zones. This will encourage ethical sourcing of gemstones.
Furthermore, through NFT’s metadata, collectors can easily and immediately determine the source and legitimacy of the diamond. Also, each diamond in the collection will have its GIA certification encoded into the NFT metadata which is then permanently stored on the Ethereum blockchain.
This ensures that collectors do not have to worry about physical certificates, which can easily be lost or damaged.
How to get a Diamond Dawn NFT?
Diamond Dawn is an invite-only NFT collection. Interested investors must apply for invitations on the project’s website and explain why they are a good fit for the project. Furthermore, even after receiving an invitation, collectors can only purchase a maximum of two Diamond Dawn NFTs.
Conclusion
Blockchain technology and NFTs could revolutionize the diamond industry. The tamper-proof documents and the transparency they provide could help alleviate certification fraud from the $100 billion diamond industry. And if Diamond Dawn and other such projects succeed, there is a possibility that all diamonds in the future will be authenticated via blockchain networks.
