Miss Universe Crown Takes a Technological Side with NFTs Coming Soon
Mouawad, the international luxury jewelry firm, has announced that it will be releasing fractionalized non-fungible tokens of the Miss Universe crown created by them. The firm has partnered with Icecap, a global leader in creating NFTs for industrial-grade precious metals for the project.
Fans of the pageant would have the opportunity to own parts of the precious crown through NFT technology and become a part of the long history of the competition.
Jacques Voorhees, Icecap’s founder, and CEO commented, “As our world moves increasingly towards digitalization, things become possible that would have been difficult to grasp less than a generation ago.”
He also added that “NFTs provide not merely immutable proof of ownership of an object, but they can also allow the holder to unlock digital content associated with that object — in this case about the pageant, the contestants, the contestant stories, and the crown itself.”
If the crown is ever retired, it would likely be placed in a museum, and the tokens can be traded forever, or it could be auctioned if voted by the token holders. According to Voorhees, “As we’ll be using the technology of fractionalized NFTs for this project, the smart contract underlying the tokens will allow a majority to essentially ‘vote’ on what will happen to the crown if it is ever retired from the pageant. If the crown is sold, the proceeds will flow automatically to the NFT holders at that time.”
President of the Miss Universe Organization Paula M.Shugart said, “We’re thrilled fans will get the chance to own a piece of our history. The Miss Universe Organization is proud to partner with Icecap and Mouawad for this exciting opportunity and a new way to engage with fans and reach a greater audience.”
The fractionalized NFTs will be launched in the latter half of this year and based on the Ethereum blockchain. The tokens would be listed on some NFT-selling platforms, with the initial prices decided by an expert. With time, the cost of the tokens will vary as per supply and demand.
