Pioneering metaverse jewellery collection project Chains NFT is hoping to collaborate with big-name fashion brands such as Tiffany & Co and Louis Vuitton to become the first luxury jewellery store in the metaverse marketplace.
Wait, what langauge is this?
• NFT: NFTs (Non-fungible tokens) are the latest cryptocurrency phenomenon to go mainstream. While not necessarily new, it’s a way to transform digital works of art and other collectibles into a unique, verifiable asset that are easy to trade on the blockchain.
NFTs have become a way for people to support the work of independent or original creators by purchasing their digital work. NFTs are used to purchase and trade digital artwork that can take the form of GIFs, virtual trading cards, images of physical objects, video game assets and more.
• Metaverse: The Metaverse is any given space in virtual reality whereby users exist in a computer-generated environment and engage with other users in a non-physical world. Platforms can focus on social connection and online gaming through augmented or virtual reality and users are able to trade virtual objects and cryptocurrencies.
While the idea itself isn’t new and has been explored through many science-fiction films and games like Second Life, or The Sims, it has now become part of mainstream dialogue due to Facebook’s recent foray into this area, bringing attention to the evolving technology.
The project – founded by Jacob Bamdas and blockchain jewellery brand Crypto Jeweller – is ambitiously contacting mainstream jewellery brands, promising to take its NFT (non-fungible token) jewellery beyond the digital realm by allowing its designs to be produced physically.
“In terms of utility, we’d love to partner with companies like Tiffany & Co. or Louis Vuitton,” Bambas said in an interview with Highsnobeity.
He explained, “We want to bridge the gap between where the NFT space was, and where it’s headed, I wasn’t a heavy believer in NFTs until quite recently [but] the second I realised the potential of the space, I knew I needed to create something different.”
The Chains team claims it is currently creating around 10,000 “hyper-realistic pendants and chains” through Crypto Jeweller which it will soon start ‘minting’ .
The NFT’s are available on the Opensea market platform with a starting price of 0.134 Ethereum (US$3,164.02) a piece and buyers are entitled to join an “exclusive yet expansive club” to provide owners with a “far more involved experience than the typical NFT.”
“We’ve grown organically to 23,000 members on Discord and 10,000 on Twitter in about seven weeks,” Bamdas said, noting that “without our community, we would be nothing.”
Crypto Jeweller founder and Chains NFT designer Michael Ray said the design concept is “a producible heirloom with a very real vibe” that is unique and valuable to each owner and make Chains NFT “a pioneer for not only jewellery but ecommerce and luxury fashion as well.”
“Our roadmap boasts one of the most ambitious and project-driven, community rewarding roadmaps ever, and we know it will receive not only world attention, but drive a community of artists, celebrities, and friends together,” he added.
NFT’s are blockchain-based cryptographic tokens that each possess unique and distinctive codes and metadata that cannot be replicated.
The digital tokens are used to represent physical and real-world items such as real estate, artwork, and jewellery, as well as represent property rights and owner-user identities, among others.