NYBlue Secures Over One Million Carats of Blue Zircon, Introduces Gemstone-Backed Cryptocurrency
Australian gemstone company NYBlue Pty Ltd has announced a significant acquisition of blue zircon, reporting holdings of over one million carats of this rare gemstone. The company, based in Brisbane, Australia, has outlined a strategy to potentially influence the global gemstone market by controlling a substantial portion of the world's blue zircon supply.
In early August 2024, NYBlue released a whitepaper detailing its plans for a pre-sale and subsequent public offering of what it terms a 'real world asset' cryptocurrency. The company's representatives discussed this development on the CryptoBanters' Town Hall podcast, where they announced the launch of their token pre-sale. This move follows the company's earlier announcements about its significant gemstone holdings.
NYBlue's strategy appears to be inspired by historical precedents in the gemstone market. The company draws parallels with the tanzanite market, which saw a substantial price increase over a three-year period. NYBlue anticipates a similar trajectory for blue zircons, though it's important to note that such market predictions are speculative and not guaranteed.
The company has introduced a cryptocurrency named ZIRC, which it states is backed by its blue zircon holdings. According to NYBlue, each ZIRC token represents and is redeemable for a 1-carat blue zircon gemstone. This approach aims to link the digital asset directly to a physical commodity, potentially providing a different risk profile compared to traditional cryptocurrencies.
NYBlue's broader strategy involves continued acquisition of Cambodian blue zircons, with the stated goal of establishing significant control over the supply chain. The company suggests this could influence the future value of these gemstones, though the actual market impact remains to be seen. NYBlue reports that its current gemstone collection is valued at approximately $300 million.
The introduction of the ZIRC token represents an attempt to merge blockchain technology with the traditional gemstone market. NYBlue states that token holders will have the option to redeem their cryptocurrency for physical gemstones. The company's pre-sale for the ZIRC token has begun, marking the initial phase of this project. As with any investment, particularly in emerging markets and technologies, potential participants should conduct thorough research and consider the associated risks.
