ADVERTISEMENT
Manila Bulletin devider Technews devider A growing collection of jewelry-backed NFTs launched

A growing collection of jewelry-backed NFTs launched

Published Oct 14, 2022 06:37 am

Announcing the release of a new asset backed NFT collection “Just Gems NFT” on JustGemsNFT.com found at https://justgemsnft.com.

Discover how this jewelry NFT project helps you create generational wealth

Just Gems NFT is a growing NFT collection of jewelry backed NFTs - a unique concept that will help luxury item and NFT collectors buy appreciating “gems” from anywhere in the world, verify ownership on the blockchain, transfer them to friends and family, and redeem for real world assets (starting with jewelry). At the same time, jewelry stores worldwide can sell more jewelry items while keeping them under lock and key for NFT owners who decide to redeem their jewelry on-site.

During this pilot phase of the project, a unique set of jewelries from one specific “Just Jewels” Makati branch (justjewels.com.ph/) will be minted and sold as an NFT on the Just Gems NFT website or from secondary markets starting with “OpenSea” (opensea.io). All jewelry NFTs are unique like no other and are in great condition.

Just Jewels is just one of the first trusted brands that will be selling asset-backed NFTs in Just Gems NFT. More brands will be onboarded in the future, including new types of luxury items/assets other than jewelry.

This is a pioneering concept in the web3 industry, where a real world asset backs an NFT from a reputable and trusted brand (and more brands in the future). The last few years have shown bullish sentiments and trillions of dollars’ worth of global crypto marketcap in the web3, crypto, and NFT space. Most crypto and NFT projects have been riddled with too much hype and FOMO (e.g. BTC, ETH, NFTs) – of which all were hitting all-time highs and value of each are mostly intangible and/or digital.

There were success stories of people making a fortune overnight with meme coins like DOGE & SHIB, and with digital art getting an enormous boost in the NFT industry (e.g. Bored Ape Yacht Club (BAYC), Moonbirds, and more among other blue-chip NFTs that are still around these days). A June 2022 sale of 1024 ETH (or $1.3 million) for BAYC #7537 proves this.

That all came down to a screeching halt a few months ago, when crypto have lost about two thirds of its value, and NFT transactions in OpenSea have gone down by 99%.

Now you ask - Why did the market lose more than 3 trillion dollars in such a short time? The easy answer is – it was all built on hype. Demand versus supply without actual asset value.

There were other issues that contributed to the negative sentiments on crypto coins, tokens, and NFTs – the likes of the LUNA crash and the ‘rug pull’ of promising projects, to name a few. And with the crypto winter lasting this long, there seems to be difficulty for people to trust any crypto and NFT project coming out - with the fear of losing significant amount of hard-earned savings again.

Thus, from the ashes of hyped and overpromised projects to the rise of asset backed NFTs, Just Gems NFT aims to be in the forefront of utilizing high-value assets (e.g. jewelry) to back a promising tech-vehicle (NFTs) using a decentralized trustless technology (blockchain) to create a new paradigm shift in asset-ownership and meta-commerce.

This is the first time in the world that blockchain efficiency has been used in a real world setting with the option of purchase, transfer, and redemption of asset backed NFT using jewelry and physical locations --- completing the business model structure. The actual jewelry can be redeemed at any time from the store, which could be for actual wear, source of cash, or a gift for a loved one.

Adoption of blockchain for web3 transactions has been around for a while. Having asset backed tokens & NFTs are still picking up. Yet, understanding and traction in the industry has had exponential growth. Imagine purchases of food, travel tickets, real property, and many others all under web3 (blockchain) transactions.

It is not a matter of if – it’s when.

On the side of jewelry businesses - aside from jewelry that stores normally sell on their windows, they also keep and secure jewelry that was already paid for somewhere around the world so that the exact value of the jewelry reflects on the value of the NFT. It does not get affected by the erratic token/NFT pricing that you see – just like the stable coins USDT & USDC, which are backed up by USD 1:1.

With this first in the world concept – the customer mints the chosen jewelry NFT from the website, then it appears in his/her token/NFT wallet. Once minted, the jewelry NFT automatically shows up on the secondary market of reputable marketplaces like OpenSea. The customer has the option to keep the jewelry NFT, or to pass it to another person. The customer will also have the option to go to the location and redeem the actual jewelry by giving up the particular NFT to the store in exchange. This NFT is then burned by the store to ensure it won’t be held or sold again.

The important foundations of Just Gems NFT are being backed by a reputable name that people trust, having a convenient way to buy/store/redeem, and a physical outlet that is secured to hold these high-value items for 3rd party owners.

Even if the pilot phase presents just the purchase of NFT from anywhere in the world, transfer from one person (wallet) to another, and redemption of the exact jewelry the NFT stands for – it opens so many possibilities on insurance, loans, remittance, and other relevant services that can do it in a more secure process (blockchain) in a much cheaper way.

Let’s say a customer could be a Filipino OFW working in Italy, would then purchase (mint) the jewelry NFT from the website, and receive the NFT in his/her digital wallet (e.g. MetaMask). He would feel good about it and not worry that the value of the NFT will go down. Because somewhere in the Philippines, the actual jewelry is being kept in a secured location – which is the trusted jewelry store.

The actual jewelry can be redeemed at any time from the store, which could be for actual wear, source of cash, a gift for a loved one, or a timeless reflection of generational wealth being created for generations to come.

It is a different concept, alright - one that is exciting and has potential to grow in different markets around the world.

A definite sign of things to come.

ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.