Dubai, UAE, March 28, 2022 (GLOBE NEWSWIRE) -- Icecap, the world leader in creating NFTs for investment-grade diamonds, and Mouawad, the international luxury jewelry house, through their Dubai subsidiaries, announced today they have signed an agreement to offer fractionalized ownership of the Mouawad-created Miss Universe crown through the sale of new NFTs.
The Miss Universe Power of Unity Crown, which was originally worn by 2019 Miss Universe winner Zozibini Tunzi of South Africa, and then by 2020 Miss Universe Andrea Meza of Mexico, is currently worn by 2021 Miss Universe Harnaaz Sandhu.
For the first time ever, this highly unique and iconic crown will be available to fans of the pageant through NFT technology. Those who purchase an NFT have the chance to become part of Miss Universe history themselves.
“As our world moves increasingly towards digitalization, things become possible that would have been difficult to grasp less than a generation ago,” commented Jacques Voorhees, Icecap’s founder and CEO. “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.”
“Miss Universe is one of the most glamorous and popular competitions in the world today,” noted Pascal Mouawad, Co-Guardian of the prominent jewelry house headquartered in Dubai. “It is inspiring to have an event that extends the human ideals of strength, unity, intelligence, and perseverance. The crown itself represents the powerful message of these values and is one of the most extraordinary pieces of jewelry in the world.”
When and if the Power of Unity crown is ever retired, it will either be placed in a museum and the tokens will be allowed to trade indefinitely, or the token owners can vote to sell the crown at auction.
“As we’ll be using the technology of fractionalized NFTs for this project,” explained Voorhees, “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.”
“We’re thrilled fans will get the chance to own a piece of our history,” said Paula M. Shugart, Miss Universe Organization President. “The Miss Universe Organization is proud to partner with Icecap and Mouawad for this exciting opportunity and new way to engage with fans and reach a greater audience.”
The fractionalized ownership of the crown will be based on Ethereum blockchain non-fungible tokens, which—via “smart contract” technology—contain their own terms, conditions, and trading components. The fractionalized NFTs are expected to be issued in the second half of 2022, on select crypto-trading platforms, with the initial value set by an expert appraiser. Once floated, the tokens' value will then be determined by supply and demand.
“We’re very pleased the Miss Universe Power of Unity Crown tokenization project is being based out of Dubai,” noted Dr. Marwan Alroui, CEO of the Dubai Blockchain Center, and one of the most impactful people in the blockchain industry. “Dubai is already a blockchain hub, and has also become one of the world’s primary diamond trading centers. This connection with the Miss Universe competition we expect will help focus attention on Dubai’s increasing role in these industries.”
About the Power of Unity Crown
The Power of Unity Crown is set with 1,725 white diamonds and three golden canary diamonds in harmonious interplays of petals, leaves and vines - reminding us we are stronger together than apart. The central magnificent shield-cut golden canary diamond, weighing 62.83 carat, denotes power, while two golden canary diamonds either side create a sense of harmony and create a sun-like warmth that represents the new golden age of women. The crown has previously been appraised at US$5 million.
About Icecap
Icecap, LLC, formed in January 2020, is the first company to use the ERC721 Non-Fungible Token (NFT) standard to provide a revolutionary way to buy and sell diamonds. By making the tokens tradeable, while the diamond is kept in a secure vault (redeemable at any time), the normal friction for diamond investors is removed, and the buy/sell spreads are reduced from around fifty percent, to as low as one percent. Icecap buys diamonds on the wholesale market, creates tokens which each represent a claim on a given diamond, and sells those tokens on the OpenSea NFT marketplace, through specialized sales channels, and directly from its own website.
The founders of Icecap include some of the most reputable and experienced people from both the diamond and blockchain industries, such as Bill Boyajian, past president of the Gemological Institute of America (1985-2005); Erik Voorhees, founder of ShapeShift, a leading crypto trading platform; and Jacques Voorhees, founder of Polygon which introduced online trading to the diamond industry in the early ‘80’s. www.icecap.diamonds
About MOUAWAD – A jewelry house specialized in “crafting the extraordinary” since 1890.
For more than a century, Mouawad has carved a name of renown in the world of jewelry and timepieces based on its artistic excellence, outstanding expertise, trusted relationships and deep passion for crafting the extraordinary.
Over the decades, royalty, high society, celebrities and esteemed clients have continued to be enchanted by Mouawad’s unique offering, thus earning the company its elite status and powering its growth across continents. Now, more than a hundred years since it began, this family business is today led by fourth generation Co-Guardians and brothers Fred, Alain, and Pascal Mouawad, joined by fifth generation Co-Guardians Jimmy and Anastasia Mouawad, who each perpetuate a heritage of excellence and bring a lifetime of passion to their respective roles. www.mouawad.com
About The Miss Universe Organization (MUO)
The Miss Universe Organization (MUO) is a global community that empowers women to realize their goals through experiences that build self-confidence and create opportunities for success. MISS UNIVERSE®, MISS USA®, and MISS TEEN USA® programs provide the 10,000 women who participate annually an international platform to affect positive change through influential humanitarian and professional efforts. The contestants and titleholders are leaders and role models in their communities, develop personal and professional goals, and inspire others to do the same. MUO is a subsidiary of Endeavor, a global sports and entertainment company. For more information, visit www.missuniverse.com.
