As most of the NFT space is riddled with digital art that has no real physical counterpart, more and more companies are looking to digitise physical and tangible assets. One of the companies which is leading the way in this digital transformation is The Mint, a company who buys rubies from Greenland Ruby and is now looking to tokenize them. This provides an exciting opportunity for the everyday crypto user to access a multi-billion asset class like the one rubies represent, being one of the four most valuable and precious stones.
The synergies of merging a tangible asset like rubies with their own unique NFTs is magnificent. Until now, if you were curious and wanted exposure to a precious stone like rubies, you would have to be what is considered a professional trader. By tokenizing these rubies into NFTs (Non-fungible tokens), NBX has effectively opened up a brand new NFT marketplace for the public to explore. Basically, this enables NBX to diversify our services further in the space to not only allow users to buy crypto, but explore under categories of crypto such as NFTs as well.
To go into the details of this will play out, each NFT will represent ownership in one or more unique rubies. These rubies will be safely stored in a vault with a third party, and the owner of the NFT can retrieve the rubies at any time. If a ruby is removed from the vault, this will be registered in the digital certificate and the ruby can no longer be traded. This certificate will still contain characteristics about the ruby. By storing information on dedicated blockchains it will be impossible to tamper with these certificates, such as trying to change the value of the ruby itself.
To conclude, NBX will tokenize fully traceable and responsible rubies mined by Greenland Ruby AS in collaboration with the Mint and build and operate a marketplace for these NFTs.
Have you heard about NFTs, but still feel like you do not completely understand this new phenomenon? Catch up on it here.
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This text is intended to inform and is not an investment recommendation.
Best regards,
Adam Jakobsen.
NBX team.
