Jewelry company, The Clear Cut, has partnered with up with Authentic to offer clients non-fungible tokens (NFTs) versions of their engagement rings.
Unlike infamous NFTs such as the Bored Ape Yacht Club, according to founder and chief executive Olivia Landau, The Clear Cut is seeking to offer NFTs that have more practical use.
“Our NFT is not a speculative asset. Rather, this is a functional application of blockchain technology to provide meaningful value to our clients,” said Landau in an email to Retail Bum.
Clients who purchase a bespoke Clear Cut engagement ring already receive their physical GIA certificate and appraisal for their diamond ring. The new offering, however, allows clients to keep and store these documents in a more convenient and accessible manner. The NFT package includes documents indicating ownership of the ring, images of the ring itself, the GIA certificate, and the ring’s appraisal on the blockchain.
And if the engagement is ever passed on as an heirloom, future wearers will be able to see the history and the story behind the ring, she added.
“Purchasing a diamond engagement ring is one of the most significant emotional and financial transactions in a young person’s life. At The Clear Cut, we aim to make this experience as stress-free and enjoyable as possible,” Landau said.
“Beyond providing the highest quality diamonds, craftsmanship, and customer service, we always want to predict our client’s needs and stay ahead of the curve.”
The idea behind Clear Cut’s NFT offering is to give customers the convenience of having all of the information relating to their diamond purchase stored on the blockchain, eliminating the need for removing the diamond from its setting to get it appraised if need be.
The move to offer NFTs marks The Clear Cut’s entry into an on-trend category, which is increasingly garnering interest among players in the high-end jewelry business.
“We will see increased adoption of the blockchain with relation to diamond provenance and the tracking of important documents,” Landau said. “We have already seen significant blockchain projects such as De Beers’ Tracr program or Tiffany & Co’s Provenance & Source Initiative further empower customers to have visibility into the origin of their goods.”
The Clear Cut NFT offering is now available.