Mouawad, an Emirati luxury jewelry house, will make digital copies of the Miss Universe Power of Unity Crown in the form of fractionalized non-fungible tokens (NFTs), The International Business Times reports.
The initiative is co-developed with Icecap, a blockchain startup focused on NFTs. Although the precise timing of the sale is yet to be announced, reports say the companies are planning to drop the NFTs on the Ethereum blockchain network in the second half of 2022.
While the listing price is to be set by an "expert appraiser," the original crown is worth a staggering $5 million, which is the most expensive crown in the history of the pageant.
Jacques Voorhees, Icecap's Founder and CEO, says the fractionalized structure of the sale will allow a majority of NFT holders to essentially vote on "what will happen to the crown if it is ever retired from the pageant." Voorhees added:
If the crown is sold the proceeds will flow automatically to the NFT holders at that time.
The crown was originally worn by 2019 Miss Universe winner Zozibini Tunzi of South Africa. Currently, it belongs to 2021 Miss Universe Harnaaz Sandhu of India.
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In January 2022, a carpet given by the Crown Prince of Abu Dhabi Sheikh Mohamed Bin Zayed Al Nahyan to Pope Francis as a gift in September 2016 was sold as a non-fungible token for 25 ETH.
While the physical version of the carpet remains with Pope Francis, the proceeds from the digital version were used to provide aid to families in Afghanistan.