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URecently, NFTs have been the protagonist of conversations. But what exactly is NFTs? If you’re new to the NFTs world, we got your back. In this article we’re going to cover the basics plus how NFTs are being introduced to the jewelry industry. 

What are NFTs? 

NFTs or non-fungible tokens are part of the Ethereum blockchain. Ethereum is a cryptocurrency like bitcoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from an ETH coin. Ok, now let’s try to make it more simple: NFTs can be anything digital. It’s mostly used in the art world, in which unique paintings, drawings, gifs, music are given a certain value, and then sold online as an NFT. We’ve seen how popular NFTs have been in the art world. Even tweets have been sold as NFTs! The founder of twitter sold one for just under $3 million. So… it was just a matter of time for this trend to begin making its way to other industries such as jewelry. 

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  • Be creative! A customer wants to feel like you take care of their needs in a proactive and creative way.
  • Benefits for signing up. What is the customer going to receive as they pay your subscription/membership? 
  • Think of testing your model with current customers to see if their needs are met. 
  • Take into account offering a no strings attached trial. Many companies give the opportunity of a free trial to their new/potential customers, as a way to start building trust. 

NFTs in Jewelry

We’re seeing NFTs specifically in the diamonds and luxury jewelry world. According to Vogue, Asprey, the British jeweler with a royal warrant, is planning to release NFTs. They will be sold as a digital physical pair, meaning the buyer acquires both the object and the digital NFT representation of the object.

One of the most important characteristics of the nature of NFTs is that it holds the authenticity of a product, documenting their ownership history and guaranteeing their authenticity. In this matter, Asprey said to Vogue:“NFTs are perfect for us, because they capture everything about the product, forever, when the information is part of a blockchain".

Pros of NFTs in jewelry 

1) Authenticity: When it comes to the uniqueness of a product, jewelry takes the lead. This aligns well for some jewelry brands, so it can be a great opportunity to benefit from the nature of an NFT to sell the authenticity of their product.  

2) Digital: We all love jewelry and accessories. However, the digital world is taken over and even currency is beginning to find its way to being digital. This is an opportunity for jewelry brands to begin opening their minds and creativity to a new horizon, trying new things according to the market’s trend. Maybe digital and physical jewelry is going to begin being a thing!

3) Ownership: Since you buy the product for its authenticity, the buyer has all the ownership and rights. In this sense, you are guaranteed that if you buy an NFT you are the only owner of that product. 

NFTs are just starting to be the center of attention, but it’s quickly beginning to enter new industries. Are NFTs going to make their way into the whole jewelry industry? Not just the luxury and diamonds sector? We’ll see if more brands are going to adapt and see over new horizons involving the blockchain. 

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Klima’s vision is to work together for a carbon positive world. A strong commitment is necessary to achieve this goal, but more organizations are becoming aware and conscious about addressing the climate crisis. Is it overwhelming to think of climate change? Yes, but a strong commitment, intention and action has the potential to contribute and have a greater impact on the future of our home. 

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