Mouawad to launch NFTs of Miss Universe crown

Renowned luxury jewellery house, Mouawad, announced its partnership with Icecap, a blockchain-based diamond NFT marketplace. The partnership aims to offer fractionalised ownership of the Miss Universe crown through non-fungible tokens (NFTs).

As per media reports, Jacques Voorhees, CEO and Founder of Icecap said "As our world moves increasingly towards digitalisation, things become possible that would have been difficult to grasp less than a generation ago."

Previously, the company had designed the Miss Universe power of unity crown, which was worn by the winners of Miss Universe.

“NFTs provide not merely immutable proof of ownership of an object, but they can also allow the holder to unlock digital content associated with that object—in this case about the pageant, the contestants, the contestant stories, and the crown itself,” he added.

• The company plans to offer fractionalised NFTs in 2022 on certain crypto-trading platforms, with the initial value determined by a professional evaluator. The value of NFTs will be set after the launch, based on demand and supply variables.

• A set of regulations, terms, and trading conditions will be included while launching the fractionalised Crown NFT and the fractionalised NFTs are based on SMART contract technology. The smart contract underlying the tokens will allow a majority of the NFT holders to vote on what would happen to the crown if it is retired from the pageant.

• Fractional NFTs are referred to as F-NFTs, and are tokenised fractions of the original NFT, and with this, individuals can hold an expensive NFT that they otherwise cannot afford.

The popularity of NFT has resulted in a paradigm shift in how brands approach this sector and several international luxury brands including Louis Vuitton, and Burberry introduced NFTs in video games and digital products to promote the brand on the NFT marketplace. Earlier this year, Gucci launched its debut NFT, a film inspired by its recent Aria collection. In the month of September, Italian luxury brand Dolce and Gabbana auctioned its nine-piece collection of digital NFTs. Asics was identified as the first sportswear brand to enter the NFT space, and this allowed the company to stay on top of trends.

While several luxury brands are still figuring out the NFT marketplace, many smaller brands and retailers are selling fashion and jewellery NFTs on marketplaces including OpenSea, Nifty Gateway, and KnownOrigin.