Luxury jewelry designer Mouawad, has announced a partnership with Icecap to provide fractionalised investment-grade diamond NFTs of the Miss Universe Crown.
The Miss Universe Crown, developed by Mouawad and known as the Power of Unity Crown is currently held by the Miss Universe 2021 winner Harnaaz Sandhu from India.
Mouawad along with Icecap, which is a blockchain-based diamond NFT marketplace, will offer fractionalised NFTs of the Power of Unity crown on certain crypto trading platforms. The NFTs are expected to launch in the second half of 2022.
The fractionalised NFTs will be based on the SMART Contract technology and a set of regulations, terms and trading conditions will be included during the launch of the Crown NFT.
“NFTs provide not merely immutable proof of ownership of an object, but they can also allow the holder to unlock digital content associated with that object—in this case about the pageant, the contestants, the contestant stories, and the crown itself ” said Jacques Voorhees, CEO and Founder of Icecap.
The SMART contract technology will allow the NFT holders to vote on what will happen to the crown if it ever retires from the pageant.
“If the crown is sold, the proceeds will flow automatically to the NFT holders at that time” said Voorhees.
The initial value of these NFTs will be determined by an expert appraiser. The market value will, however, be decided after the launch on the basis of the demand and supply variables.
The tokenization of physical assets into NFTs is a trend that is making slow yet significant progress. Only this month, a global fine wine merchant Bordeaux Index partnered with asset-backed NFT marketplace Tangible to tokenize wines.
