专题报道 JNA May/June 2022 | 13 possibility. The metaverse is a whole new world or platform where companies can explore non-conventional digital marketing and sales strategies, he added. With NFTs, jewellers can more effectively sell the story behind a jewellery piece or diamond, including its mine to market journey to guarantee provenance, sustainability and authenticity. Blockchain technology also creates immutable proof of ownership, effectively preventing fraud, remarked Jens. How NFTs work Ahluwalia explained that owning an NFT gives you the right to sell it and make profit. It can also be programmed to grant perpetual royalties to the creator every time the NFT changes hands. NFTs can likewise be endowed with many features such as charitable donations, membership to organisations or access to exclusive events – a further testament to a more seamless connection between the digital and physical realm. Jewellers who want to enter the NFT space can explore various ways to tokenise or mint their jewellery or diamonds as an NFT. “Since NFTs live on the Ethereum blockchain, these are one of a kind. You can create an original digital asset like a JPEG, GIF or video of your jewellery to mint as an NFT. It can also be paired with a physical jewellery,” revealed Ahluwalia. Kendall added that an NFT when related to a physical diamond serves as its CoA and the NFT’s value is entirely driven by the value of the real diamond. In the same vein, the value of the tangible diamond is represented by a digital asset that cannot be manipulated or altered, thereby ensuring continuity of the lineage and authenticity of the diamond. “The most valuable NFT models utilise decentralised, open-source and permissionless blockchains. Diamond Ancestry deploys the same resilient model and ethos as Bitcoin, ensuring a truly global and hack-resistant digital asset,” he continued. Future of NFTs in jewellery Jens, who worked with Ahluwalia in developing her NFT series, said his collaboration with the jewellery designer will continue as the future remains bright for diamond NFTs. His company, LuxuryFintech, is planning new initiatives related to the use of NFTs as a funding model for diamond finance but these are in the early stages. There is no doubt however that opportunities abound for NFTs in the jewellery trade, he added. The challenge is education and telling a compelling narrative to help the market understand what NFTs are and what they can do. Kendall, for his part, revealed that a range of developments is underway at Diamonds4Crypto, including projects that will allow consumers to memorialise life’s moments associated with their diamonds by saving those into an NFT. He also shares Jens’ sentiment of a dazzling future for NFTs. He noted, “The brightest spots are authenticity and trust that is derived from using blockchain digital assets. It is also a more diverse way for manufacturers to immerse their customers in their product/brand. Education however will be the greatest challenge.” With the physical and digital space inevitably coexisting and enhancing each other in the luxury world, jewellers must develop a digital strategy for storytelling, said Ahluwalia. “The challenges in the NFT space are more to do with legality, ethics, copyright considerations, licensing, anti-money laundering regulations, data protection and privacy law. The rapid rise of NFTs over the last few months means that the law is yet to catch up with this phenomenon. Regulatory bodies and governments will have to move quickly to keep up,” she added. The ‘Diamond Vision’ NFT by Reena Ahluwalia is an edition 1 of 1. The NFT comes with an original physical drawing. 这幅特别版NFT加密艺术品"钻石视觉"由Reena Ahluwalia创作，同时 备有实体绘画原作
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