The Community Welcomes Diamonds Aboard

Colin Baseman

Diamonds, as many experts admit, are special assets and they deserve special attention from all crypto market participants. According to the latest news reports, Voorhees, the man who founded a successful brand, is ready to offer tokens that represent stones like diamonds. The asset is non-fungible and all this will occur on the leading marketplace known as OpenSea.

Experts remind all that the mentioned tokens that represent gems and stones had managed to make their way right to the mentioned marketplace. As many participants might still remember, previously there have been plenty of trials and attempts related to diamond tokenization. This would also include several other precious metals and also covered several stones.

Jacques Voorhees, also known as the founder of Icecap, announces that the issues with all previous attempts were their team treated the gem as a sort of fungible commodity.

However, it now appears that was misleading since diamonds cannot belong to this category. The businessman mentioned that when still remembers the day when he found out about the tokens from his child, he instantly realized the entire situation. He admits that these gems are different and trying to make up fungibility with an item that is absolutely non-fungible was a real mistake that led the company to failure.

Even though the team has added blockchain technology and applied its features, the company is still ready to face various challenging situations in the future. Almost fifty years ago the official representatives of several commissions and exchanges wanted to make fungibility along with diamond futures contracts. What they planned lasted for over three days. Finally, due to the fact that the contracts were far from being similar, the entire market had no way out but to fall out.

Who Is Going to Purchase Diamonds?

Before gems go through tokenization, all of them obtain special certification from the GIA. Next, the services send them to the laboratory that is responsible for auditing the document. Authorities also provide a guarantee that the grading is perfectly accurate and correct. If there is a difference, then the customer pays the difference by price. Finally, they back up this procedure with a policy describing insurance– this document covers the assets if they should pay out on this.

Currently, there might appear a minor issue that the brand needs to resolve. Unfortunately, right now it would be virtually impossible for the majority of people in retail to sell the gem without a significant discount since there’s not any secondary or additional market. According to specialists, that’s likely to be an untapped ten-billion-USD opportunity even if the team deals with a market that has a relatively small niche, a zone where you cannot see too many crypto millionaires or beginning adopters.

Business people admit that they are ready to purchase the stone on the OpenSea marketplace. More than that, the official representatives of Icecap report that they do not foresee regulatory problems at all. The team has consulted experienced lawyers and now they do not think that the token that represents the gem will face any sort of regulatory issues.

Attorneys did thorough research and analyzed the situation. They looked into the activities and how the team is handling the transfer and collection of sales tax matters. There were lots of questions the developers had to answer and explain after which they understood that they are fully prepared and that there wouldn’t be any regulatory problems at the moment. All specialists could recommend was to refer to other agencies for additional advice and professional assistance.