Sebastian Errazuriz’s Digital Diamond Co. Creates NFTs Valued at Real Diamonds
From the designer and artist who vandalized an AR Koons sculpture, a collective yawn in Times Square and a Livestream of the Earth, Sebastian Errazuriz is no stranger to provocative work. His latest project is focused around the growing popularity of NFTs – Digital Diamond Co. – the first of its kind digital diamond company. (New to the world of NFTs? This video breaks it down, although we enjoyed this SNL sketch too.)
Each Digital Diamond is valued at the price of real diamonds, and there are only 100 unique collectibles available, each with proof of ownership stored on the Ethereum blockchain. DDs are designed to grow in carats to reflect the increased bidding registered by mining on the blockchain, starting at 1.0 carat for 1 ETH. Because of their smaller total edition number, Digital Diamonds are even rarer than Crypto-Punks and Crypto-Kitties.
What’s most interesting about Digital Diamonds is the parallel Errazuriz draws between real diamonds and NFTs:
Diamonds are not scarce or intrinsically valuable. Diamonds are a societal construction of value. Every new era needs new stories. I believe digital diamonds will be more valuable than regular diamonds.
50% of the proceeds from Digital Diamond sales will go towards building a future augmented reality NFTs platform for artists to exhibit and sell their digital works on Ethereum 2.0. To learn more about Digital Diamonds, visit nftdiamonds.co.