Dúté Island – The First Asset-Backed NFT Marketplace for the Gemstone and Mining Industry – Adaderana Biz

Momentro and The R-Factory partnered to create the first asset-backed NFT platform for the gemstone and mining industry.

While the global gemstone and jewelery industry is currently valued at $85.2 billion, around 90% of the industry in mining countries remains dominated by traditional family businesses. The resulting market has taken on an undemocratic nature, where authentication and certification are the main barriers to entry. If the industry is to be modernized effectively, a shift in trust and authority seems to be required. This is where Dúté Island, a project in partnership between Momentro and the R Factory, comes into the picture with the vision to transform this market through a cutting-edge combination of blockchain technology, non-fungible tokens and a decentralized system and democratic. point of view.

Dúté Island is a project in partnership with the world’s first Gem and Mining Registry that converges the digital and physical worlds with a tokenized NFT marketplace. Using blockchain technology to ensure both provenance and security, Dúté Island uses web-based system algorithms to provide digital gemstone certification. This would immediately change the industry’s wary climate and open the doors to new possibilities in today’s tokenized online economy.

In the early days of the Internet, Web 1.0 saw an information economy, where users simply read information online. This was followed by a platform economy with more interaction in Web 2.0 and now Web 3.0 users are eager to read, write and perform transactions online. In the years ahead, markets embracing the rapidly growing revolution of token economies are well positioned to take the lead.

Further explaining, Saliya Withana, Founder and CEO of Momento, said, “We are committed to creating practical solutions for industries using some of the latest Web3 technologies. Dúté Island is one of many solutions in our pipeline that will help a high-value legacy sector embrace the benefits of a token economy. ”

By combining traditional stock market principles with a blockchain-based asset registry that guarantees authenticity and proof of origin, Dúté Island is at the forefront of early adopters to join this revolution as the first Asset-backed NFT marketplace for the gemstone and mining industry. It will provide a simple and user-friendly front-end web interface that will not require above-average computer or cryptocurrency knowledge to be accessible.

“When we developed the structure of this platform, our philosophy was to create a very simple structure for both sellers and buyers to make it transparent and simple, even for the less technologically savvy. We used special front-end features with blockchain-based database technologies that help users use the platform without even having a crypto wallet,” explained Harsha Mahes, CTO, R-Factory.

The Island of Dúté will be a platform that the gemstone and mining industry can rely on in the future and a place where the trust and authenticity behind all transactions are irrefutably genuine.

Momentro provides global growth solutions and strategies for various industries through a total ecosystem approach, from ideation to execution, and has worked with global brands such as Petronas, Honeywell and MSD Pharma. The R-Factory is an award-winning software design and development organization currently working with Momentro on the latest blockchain technologies. Discover the island of Dúté today.