Generally speaking, a piece of jewelry comes with an emotional or sentimental value; a physical representation of a specific moment that will be cherished forever. Jewelry owners typically enjoy flaunting their new bling, not only for its emotional value, but also for its symbolism and economic importance.
The trends in luxurious jewelry have altered dramatically throughout the years, from integrating luxurious jewelry with the global monetary system, to giving new significance to jewelry designs. Individual relevance and profits are maximized when materials of global significance include attributes such as restricted supply and redeeming qualities.
Currently, there's a new twist in the tale, this time involving the internet's most popular concept - cryptocurrencies, with Bitcoin at its heart.
Tokenizing Luxurious Jewelry
The process of issuing blockchain-based tokens, also known as tokenization, have become increasingly popular. This procedure works on the premise that both real-life intangible and tangible assets can be converted into digital assets.
As a result, the digital asset's value will mirror that of its real-world counterpart, removing the volatility that exists in cryptocurrencies.
Apart from the numerous benefits, this is similar to a traditional investment, with the major exception that all data must be maintained on the blockchain and offers more credibility.
Tokenized assets tend to remove physical, geographical, and infrastructural constraints in the current financial system which, itself, is fragmented. This leads to enhanced market visibility and further introduces several benefits. Even more so if you invest in high-end jewelry.
Since the traditional method of purchasing such assets entails several formalities, Blockchain's qualities not only cut bureaucracy but also ensure that all investment data is securely stored. Furthermore, as fractionalization of digital assets allows a person to possess only a portion of the asset, the minimum investment requirement can be reduced with tokenization.
Various platforms and gold-backed tokens that support tokenization are on the rise, giving value to real commodities such as gold, diamonds, music, art, cars, and other collectibles by leveraging NFTs.
Although the crypto industry has attempted to replicate Bitcoin functionality into jewelry tokenized platforms, only DESIRED has come close with its gorgeous range of Bitcoin-inspired rings known as Diamond Hands.
Taking Bitcoin Integration with Luxurious Jewelry to the Next Level
While other platforms have successfully combined the crypto world with the jewelry business by focusing on one sort of luxurious material, namely diamonds, Desired's Diamond Hands collection is succeeding in incorporating other luxurious components such as gold and emeralds into the mix. All of this, while focusing on the ideals, such as elegance, luxury, integrity, and Bitcoin which its two co-founders - Roman Burch and Yevgeniy Sarayev - have stressed upon.
It's even reflected in their design!
The Bitcoin sign, which represents the power of innovation, occupies the center space while a circle representing time rotates around the ring. The Great Wave Off Kanagawa is inscribed on the right side of the ring, along with Satoshi Nakamoto's name, whilst the map of the world is etched on the left side, symbolizing the ultimate possibilities of Bitcoin.
Satoshi would undoubtedly be pleased with this ring
It's not just the design of the ring that the founders have emphasized, but also the essence of Bitcoin. The peer-to-peer functionality assigns equal rights and duties to each partner. Since Bitcoin is not linked to a single entity, each participant has complete autonomy and control over their funds, apps, and data. The utility token, In Bitcoin We Trust (IBWT), is assigned to each ring to make trading on the network more convenient.
IBWT is a limited edition valued token in terms of supply, with just 100 rings in the collection. Furthermore, the IBWT token creates a dynamic price curve because the token's price rises by 6% after each sale. This, as a result, incentivizes the early transaction holders with the most value.
With this being said, it is not difficult to foresee what the most useful tokenization cases will be in the future. Even JP Morgan intends to use the Ethereum network to tokenize gold bars. While focusing on the most promising ones, DESIRED makes the most extraordinary use of Bitcoin's advantages such as anonymity and decentralization. This is the first step in putting their philosophy into action, and will be followed by a collection of necklaces and watches.