Thursday, September 16, 2021
Home Press Release The Kraken Ring – Controversial Options Put NFTs Back In The Spotlight

The Kraken Ring – Controversial Options Put NFTs Back In The Spotlight

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Vancouver, BC (August 17, 2021) Volume and demand for non-fungible tokens (NFTs) have been surging for a variety of reasons, especially when selected NFT pieces are selling for millions of dollars. However, the debate about their utility never seems to end and they are in the news quite often.

Although attempts have been made without success in bridging jewelry designers with NFTs, Au Palais Du Bijoux France Collection by Icon Art Gallery believe they have the winning ticket.

Never has an iconic symbol of one of the top cryptocurrency exchange logos has ever come in a multi-jewelled faceted ring until now.  The Kraken, a mythical sea monster with octopus/cephalopod-like appearance in Scandinavian folklore is the imaged used for US based Kraken exchange and now comes as a bedazzled ring.

The sterling silver cast and hand finished ring consisting of a polished split shank which extends to a haute relief carving in the image of a Kraken on top. The Kraken is pavé set with over 248 faceted round  rare light rubies (pink corundum). The eyes of the Kraken are set with two (2) Tsavorite green garnets. The ring is large and rather heavy weighing in at 14.4 grams. The price tag is only 10 ETH ($33,000) which isn’t eye catching compared to the multi-million dollar sales some NFTs are garnering but it’s still sizeable.

The NFT version of the Kraken ring has now been put up for sale and some question the options given to buyers.

Au Palais Du Bijoux France gives the buyer a choice to keep either the ring or the NFT. The discard item, be it the ring or the NFT, will be destroyed which have environmentalists questioning why.

“This isn’t a unique idea,” says owner Canadian author Robert Joseph Greene.  “World Famous artist  Damien Hirst made this proposal to his patrons when he offered NFT art for sale.”

However, with the option to destroy the physical original piece, environmentalists are crying fowl.

“The lowest carbon footprint is reuse before recycle; and this would be the best option,” says Paul Rankin, President of the Reusable Industrial Packaging Association.  “I would encourage anyone including artists to break down pieces to be reused for other projects instead of discarding them.”

The Kraken Ring is available on OpenSea.io. OpenSea is an NFT Exchange site or peer-to-peer marketplace for crypto collectibles, rare digital items, and NFTs.

 

FOR MORE INFORMATION:

Robert Christofle, Publicist

[email protected]

604-602-1900

 

Disclaimer: This is a paid press releaseTheCryptoBasic does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. TheCryptoBasic is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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