Of the designer and artist who destroyed an AR Koons sculpture, a collective yawn in Times Square, and a livestream from Earth, Sebastian Errazuriz is no stranger to provocative work. His latest project focuses on the growing popularity of NFTs – Digital Diamond Co. – the first of its kind for digital diamonds. (New to the world of NFTs? It’s broken down in this video, although we liked this SNL sketch, too.)
Each digital diamond is valued at the price of real diamonds. There are only 100 unique collectibles available, each with proof of ownership on the Ethereum blockchain. DDs are said to grow in carats to reflect the increased bids recorded on the blockchain by mining, starting at 1.0 carat for 1 ETH. Due to their smaller total circulation, digital diamonds are even rarer than crypto punks and crypto kitties.
The most interesting thing about Digital Diamonds is the parallel Errazuriz draws between real diamonds and NFTs:
Diamonds are not rare or valuable in themselves. Diamonds are a social value structure. Every new era needs new stories. I believe digital diamonds are more valuable than regular diamonds.
50% of the proceeds from the sale of Digital Diamond will be used to build a future Augmented Reality NFT platform on which artists can exhibit and sell their digital works on Ethereum 2.0. To learn more about Digital Diamonds, visit nftdiamonds.co.