Have you ever asked why there aren’t more jewellery NFTs? Well, apparently you’re not alone, and Abu Dhabi-based decentralised technology firm Ammbr has been listening. The company has now confirmed a partnership with Toqn Modular Jewellery to launch a new NFT jewellery collection.
But what exactly does that mean? Well, simply put, the collection features a series of non-fungible tokens matched to items of physical jewellery. In return for hard-earned cash, or cryptocurrency, buyers will receive the digital asset plus real-world bling.
What is Toqn, and Why Non-Fungible Tokens Now?
Toqn is a market leader in wearable, modular jewellery. Based in Bangalore, India, the firm specialises in pieces that can be mixed and matched to suit the wearer’s mood.
Now is a logical time to dive into jewellery NFTs. Over the past year, gold has seen a sharp fall in sales volume. Globally, there was 34% less trade in the material compared with the previous 12 months. India saw a bigger decline still, with sales down 42%. As such, introducing new innovative incentives to boost sales makes perfect sense.
“This represents a paradigm shift in jewellery marketing and sales… Especially in the valuation and potential resale of collectable jewellery,” says Ammbr Founder and CEO, Derick Smith. In order to buy items in the collection, you will need US-dollar backed stablecoin, BUSD.
More on Jewellery NFTs
The Ammbr and Toqn collection is the most visible example of jewellery NFTs we have seen. However, the fashion world is no stranger to non-fungible tokens. Just look at Dolce & Gabbana, which dropped an NFT collection in August. By late September, bids on items in the series had already surpassed 707 ETH. That’s close to $2.7million.