- David Ariew’s first NFT sold.
- NFT is the key to combat fraud in Diamond certifications.
- GIA is flexible to digital transformation.
Corruption and theft abound in the billion-dollar diamond industry. A handful of situations have happened in which lab-grown diamonds have been certified as natural diamonds. Around 2005, it was also disclosed that the Gemological Institute of America accepted bribes to enhance its GIA reports.
Tragically, diamond certificate forgery is on the rise. NFT could be the remedy to minimize diamond certification fraud. Diamond certification reports, according to Mike Moldawsky, developer and inventor of Diamond Dawn, should be published on an open blockchain network to ensure that papers cannot be changed.
Moldawsky stated that Diamond Dawn is an elevated NFT art project that would deposit 333 GIA-certified diamonds on the Ethereum blockchain as ERC-721 coins to describe it. Participants who have been personally invited will thereafter be able to acquire these jewels as NFTs. Diamond Dawn’s diamond licences, as per Moldawsky, will stay on the Ethereum blockchain.
Olivia Landau, a GIA-certified gemologist and co-founder of The Clear Cut, informed Cointelegraph that her company, which launched an NFT platform on the Genuine blockchain network in January, is also employing NFTs for diamond verification. She further added that the purpose behind the NFTs is to digitise and authenticate a diamond’s GIA report and insurance documents.
Moldawsky also talked about the sale of diamond artwork that has been sold.
My collaboration piece with Jia Aili, “The Road Ahead” just sold for $224,000 in the @Sothebys Contemporary Evening Auction! I’m at a loss for words. Thank you so much to @triple_x_space and a massive congrats to @raoulmarks as well! You guys are incredible!! 🙏🙏🙏 pic.twitter.com/oeff7zUuku— David Ariew (@DavidAriew) April 27, 2022
David Ariew’s virtual diamond artwork sold for $224,000 dollars. The artwork called “The Road Ahead” has been sold in Sotheby’s contemporary evening auction. Thanking Triple X and congratulating Raoul Marks, David is showing gratitude and joy for selling his first art.
Although NFTs as digital diamond certifications are unique, it is uncertain whether this idea will catch on with the wider populace. More crypto education is required for conventional enterprises to appreciate the power of NFTs. GIA is receptive to digital change. All of its reports contain various security measures, along with the ability to verify the data on any record using the safe web tool.