{"id":1196424,"date":"2020-07-17T08:15:00","date_gmt":"2020-07-17T13:15:00","guid":{"rendered":"https:\/\/www.mining.com\/?p=1029919"},"modified":"2020-07-17T08:15:00","modified_gmt":"2020-07-17T13:15:00","slug":"icecap-launches-investment-grade-diamond-marketplace-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1196424","title":{"rendered":"Icecap launches investment-grade diamond marketplace"},"content":{"rendered":"

Icecap, a platform that tokenizes diamonds on the Ethereum blockchain, launched this week a bid\/ask trading marketplace targeting diamond investors.   <\/p>\n

In a press release, Icecap said the new platform uses the Ethereum ERC721 Non-Fungible Token (NFT) standard to give GIA-graded and GCAL-verified diamonds their own digital tokens, which represent the rights to a single specific diamond stored in a vault. The tokens then function as globally-tradable assets on crypto marketplaces.  <\/p>\n

\n
\"Icecap
Icecap Tokens are represented with a standard icon like the one seen here. (Graph courtesy of Icecap)<\/em>.<\/figcaption><\/figure>\n<\/div>\n

\u201cWe believe there is currently a $10 billion potential market opportunity for investors to diversify into diamond assets, a market that until now has largely been untapped,\u201d Jacques Voorhees, Icecap\u2019s founder and CEO, said in the media brief.  \u201cUntil now, the diamond industry has been structured as a one-way flow of diamonds from mine to consumer. But a diamond investor needs to sell as well as buy, and today that means buying at retail and selling at below wholesale, to a dealer, retailer, auction house, or perhaps even to a pawnshop. In that scenario, an investor might lose 50% or more of the purchase price of the stone. That dynamic is what has made diamonds to date untenable for asset diversification.\u201d<\/p>\n

According to Voorhees, blockchain technology, and in particular tokenization using the ERC721 standard, solves the problem of investor\u2019s loss. \u201cIcecap can now mint a unique digital token and assign it to a specific diamond. The token is then traded easily, back and forth, on marketplaces like OpenSea where it incurs only a 1% exchange fee. The token can be redeemed for the diamond at any time by the owner of the token,\u201d the executive said.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Diamond tokens will be available on the OpenSea platform, ranging in price from under $2,500 to a ten-carat diamond worth almost $1 million.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1196424"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1196424"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1196424\/revisions"}],"predecessor-version":[{"id":1196494,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1196424\/revisions\/1196494"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1196424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1196424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1196424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}