Ammbr, an Abu Dhabi-based decentralized tech firm, has announced a partnership agreement with Toqn Modular Jewelry in order to launch a new NFT jewelry collection.
This collection includes a variety of tokens that can be used to match physical jewelry. Buyers will get the digital asset and real-world bling in return for their hard-earned money, or cryptocurrency.
What is Toqn, and Why NFTs Now?
Toqn is a leader in modular, wearable jewelry. The firm is based in Bangalore, India, and specializes in modular jewelry that can be mixed to suit individual moods.
It is now a good time to explore jewelry NFTs. The sales volume of gold has fallen sharply over the past year. Globally, the amount of gold traded was 34% lower than the 12 previous months. India suffered a 42% drop in sales. It is, therefore, logical to introduce new incentives to increase sales.
“This represents a paradigm shift in jewelery marketing and sales… Especially in the valuation and potential resale of collectible jewellery,” says Ammbr Founder and CEO, Derick Smith. In order to buy items in the collection, you will need US-dollar backed stablecoin, BUSD.
We have seen the most prominent examples of jewelry NFTs in the Ammbr and Toqn collections. Fashion is not afraid to use non-fungible tokens. Look at Dolce & Gabbana’s August NFT collection. The number of bids for items in the series exceeded 707 ETH by September’s end. This is close to $2.7million.
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