Jewelry NFTs (Non-Fungible Tokens)
For those of you new to the cryptocurrency world, non-fungible tokens are a massively growing sector of "digital assets". Jewelry.News takes you into the world of crypto...
Most everyone has heard of Bitcoin these days, but what about other cryptocurrencies? They are not all created equally nor do cryptocurrencies all serve the same purpose. Bitcoin is basically digital fiat, except that it is limited in the number of coins issued. Ethereum, the number 2 cryptocurrency, is a markedly different coin. In essence, it is a smart contract.
Ethereum is also a blockchain, like Bitcoin, and its platform allows anyone in the world to create their own "coin", with their own rules, for a very neglible fee, which is called a "gas" fee. Non-fungible token is just another name for a coin that holds exclusive ownership to one unique item. This coin can represent almost anything physical or digital that is truly unique, and the safety/ownership lives on a blockchain that is unhackable. There are other platforms/cryptocurrencies available to build a coin besides Ethereum but that is the most popular right now.
As far as jewelry NTFs, they are already here.
“The 3-piece collection features a 500-piece giveaway to fans, an affordable and exclusive collectible card with a limited 2,000 piece inventory, and the uber-rare capstone “Esskeetit Diamond VVS” NFT for the true connoisseur,” the announcement details.
Two of the Lil Pump NFTs have been released on Wednesday, and fans of the artist can obtain the “Esskeetit Card” and the “Lil Pump Artist Card V1” via the Sweet platform. The rare “Esskeetit Diamond VVS” NFT asset aims to replicate the look of one of the American rapper’s multi-million dollar jewelry collection."
As you can read above these NFTs are not actual jewelry products but digital images of the rapper's actual jewelry collection. The rapper collaboration further goes on to state...
"The digital jewelry NFTs will be available in a secure fashion on a “first-come-first-served basis,” according to the Sweet and Lil Pump collaboration announcement. “This is the future. Now you can live like me and own a rare NFT collectible of one of my favorite chains,” Lil Pump commented."
Now, before you call us at Jewelry.News crazy, please know that this new NFT craze is already well under way. A piece of digital art has already sold for $69M dollars and entrepreneur Mark Cuban has just announced a digital art gallery for NFTs at Lazy.com.
As far as the NFT Jewelry drop from Sweet and Lil Pump, you can read the full article here.
We will be sure to update readers on the results of this innovative, new Jewelry NFT drop.