WeBuy

There have been a number of cases where some lab-grown diamonds have been graded as natural diamonds. Diamond certificate fraud is becoming way more common. Due to this, industry experts have also started looking toward blockchain technology to help solve this growing problem.Mike Moldawsky, founder and creator of Diamond Dawn, told Cointelegraph that diamond certification reports should be placed on a public blockchain network to ensure that documents can’t be manipulated. He also said that having a diamond certificate as an NFT on the Ethereum blockchain can ensure immutability, proof-of-ownership and visibility for both retailers and consumers.Moldawsky also explained that Diamond Dawn is a high-level NFT art project that will place 333 GIA-certified diamonds on the Ethereum blockchain as ERC-721 tokens where privately invited participants will then be able to purchase these diamonds as NFTs.Participants will also be able to purchase a limit of one diamond NFT, with weight varying between 0.4–0.8 carats, for the price of 4.44 Ether. He also remarked that NFT holders will have the option to create a tangible art piece containing a GIA-certified diamond via the Diamond Dawn website. The Diamond Dawn’s diamond certificates will remain on the Ethereum blockchain.This will also raise awareness around the notion that digital NFTs can become scarce over time and, therefore, more valuable. In the end, once an NFT is bought, a smart contract will automatically send the diamond’s GIA certificate to the Ethereum blockchain, serving as proof of ownership and verification. So, non-fungible tokens right now are being used to serve as digital GIA diamond certificates to ensure immutability, transparency and proof-of-ownership.Follow us onWebsite | <a href="https://webuynft.xyz/" rel="noopener noreferrer nofollow">https://webuynft.xyz/</a>Telegram | <a href="https://t.me/webuy_ann" rel="noopener noreferrer nofollow">https://t.me/webuy_ann</a>Twitter | <a href="https://twitter.com/WebuyOfficial" rel="noopener noreferrer nofollow">https://twitter.com/WebuyOfficial</a>Medium | <a href="https://medium.com/&#64;webuynft" rel="noopener noreferrer nofollow">https://medium.com/&#64;webuynft</a>

NFTs could help solve diamond certification fraud!

WeRent

Other articles published on Dec 17, 2022

Caroline Ellison hired a former senior SEC Cryptocurrency regulator.

People Holding Bitcoin for the Last 5 Years Are Now in 34% Loss

Red flags are raised to Binance's Proof of Reserve: report

Long-term Bitcoin holders weren't shocked by the SBF created crisis.

Will BNB Coin Hit $500 Mark?

TRADING NFT ON MARKETPLACE GUIDELINE

Join our free newsletter for daily crypto updates!