Beauty pageant fans can now own part of the Miss Universe crown, currently with Harnaaz Sandhu of India.
International luxury jewellery house Mouawad, which created the Miss Universe Power of Unity Crown, has tied up with Icecap, a developer of non-fungible tokens for investment-grade diamonds, to offer fractionalised ownership of the crown via NFTs.
The Miss Universe Power of Unity Crown was originally worn by 2019 Miss Universe winner Zozibini Tunzi of South Africa, and then by 2020 Miss Universe Andrea Meza of Mexico. For the first time, the unique and storied icon will be offered via NFT technology to fans of the pageant, who have a chance to become part of Miss Universe history themselves.
NFTs are digital tokens that represent real-world items like artwork and music and are growing in popularity because they provide indomitable proof of ownership and exclusive rights to the holder. The ability of content creators to market their NFTs and trade them freely is fuelling the rapid rise of NFTs as valuables.
“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,” said Jacques Voorhees, Icecap’s founder.
The fractionalised ownership of the crown will be based on Ethereum blockchain NFTs, which will contain their own terms, conditions and trading components. The NFTs are expected to be issued in the second half of 2022 on select crypto-trading platforms. The initial value will be set by an expert appraiser and once floated, the value of the tokens will be determined by supply and demand.
“It is inspiring to have an event that extends the human ideals of strength, unity, intelligence, and perseverance,” said Pascal Mouawad, co-Guardian of Dubai-based Mouawad. “The crown itself represents the powerful message of these values and is one of the most extraordinary pieces of jewellery 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.
“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,” Voorhees explained. “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, president of the Miss Universe Organization. “The Miss Universe Organization is proud to partner with Icecap and Mouawad for this exciting opportunity and a new way to engage with fans and reach a greater audience.”
“Dubai is already a blockchain hub and has also become one of the world’s primary diamond trading centres,” said Marwan Alroui, CEO of the Dubai Blockchain Center. “This connection with the Miss Universe competition we expect will help focus attention on Dubai’s increasing role in these industries.”