Jade Currency is a decentralized platform committed to building the first-ever NFT marketplace to sell jewelry and rare gemstones, like jade. Its long list of features will also include a metaverse marketplace. The project is represented by its JADE Coin ($JADE), a BEP-20 token on the Binance Smart Chain that provides high staking returns at present.The gemstone market is a massive billion-dollar industry, but many people have not been able to get in due to its centralized nature. Jadeite, as opposed to nephrite, the more common form of jade, is close to triple the price of gold in its precious form, before considering its shade or design. Gold has underperformed in recent years, as there are many other preferred speculative assets to consider, such as property or cryptocurrency.
In 2018 Cameron Kallhoff (CEO) and Christian Rees (COO) unveiled an alternative to using fiat currency to purchase jade both internationally or locally, and created a roadmap for the release of Jade Coin (JADE).
The company believes that cryptocurrencies will be a big boost in getting many people into the billion-dollar market and hopes to set a new standard in its decentralized and secure online marketplace to sell gemstones. Jade Coin was created to tie the physical precious stones to the digital, decentralized market, allowing the Asia-centric jade market to become more international.
Currently, physical jade transactions are done face-to-face, with buyers and sellers based in Asia. The jade industry is currently worth $31 billion US dollars and rapidly expanding. Jade Coin aims to be the sole cryptocurrency tailored to bring this market to the rest of the world.
Jade Coin also intends to allow physical sellers and dealers to have a non-fiat alternative to selling jade locally or internationally, removing language barriers and currency exchange fees from the transactions. The company’s management team is composed of experts at Catex Exchange, one of the world’s first exchanges. India’s Xaviera Tech leads the development team of the project.
How Does Jade Currency Work?
Jade Currency’s protocol allows for the selling and auctioning of rare gemstones and jewelry through the online marketplace and the unique shop in the metaverse. The process is divided into two; the online marketplace and the NFT shop in the metaverse.
The online shop powered by blockchain technology is the first one to be open as the metaverse shop is still in development. After that, sellers are to register and open their shops with its design which will be done by sellers but facilitated by Jade.
Users can visit the online store and purchase the gems using their crypto assets. A wide range of cryptocurrencies is accepted. Users are encouraged to pay with JADE by offering discounts on each purchase. The marketplace is similar to a hybrid of eBay and OpenSea. It comprises trusted gemstone dealers screened by the Jade Currency team to give users the best and most trusted products. Jade Coin has a current circulating supply of roughly 53.6 million JADE.
Each day 27,000 JADE can be farmed through the Catax yield farming program, with rewards based on their provided liquidity compared to the total liquidity pool. To begin farming, liquidity must be provided through Pancakeswap. A Cake-LP token will be sent to your wallet, where you can input the value you want to submit for farming purposes.
Jade Currency History and Roadmap
Jade Currency has a well-detailed roadmap that is constantly updated to meet current demand.
In the fourth quarter of 2017, the company was launched and incorporated in the United States, with its whitepaper released soon after.
In 2018, the company took its project forward with its iOS app, its partnership, as well as its Catex Exchange and Mercatox exchange.
In 2019, it had its CoinMarketCap listing and the launch of its staking program. The company relaunched in the first quarter of 2021 following its migration to the Binance Smart Chain and a burn of 43.8 million Jade, reducing the total supply to 90 million.
Jade has further acquired two Land estates in Decentraland for its metaverse shops. It has also received its Pancakeswap listing and has entered into the metaverse and NFT partnership.
The current roadmap for Jade Coin is as follows:
- Secure more verified sellers to join the precious gemstone marketplace
- Target MXC and Gate.io exchanges to get listed, and eventually go for on Binance
- An NFT partnership to design the NFT for the JADE online shop
- Opening the Metaverse store in late November
- Key to the Jade NFT auction in Q1 of 2022
This month, Jade Currency announced their Bitmart/USDT listing on September 13th, as well as its listing on Catex.io paired with USDT.
What Makes Jade Coin Unique?
The Jade currency/NFT marketplace is the first-ever NFT metaverse store for precious gems. Jade Currency believes that there is a strong demand for precious gems that are typically traded face to face. Therefore, allowing its market to trade gems online in a safe environment will be a revolutionary concept.
As of September 2021, Jade’s precious gemstone marketplace beta has been created to allow qualified sellers to access buyers who only use cryptocurrency as payment. This will allow dealers who typically only operate in Asia to access an international market of precious gemstone buyers.
The global market of rare stones has been growing at an average of 10% per annum for the past decade. The Jade project will serve both sellers and buyers of gemstones and NFTs. For the buyer, having a secured and flexible marketplace is vital. In addition, the feature of being able to pay with a wide range of cryptocurrencies is important.
Jade Currency and the Metaverse
Jade Currency will also include auctions in the metaverse where users can bid and purchase their desired NFTs. Finally, the inclusion of staking gives users the perfect platform to contribute to the ecosystem and generate a passive income.
As stated earlier, a large quota of the Land in the metaverse will be held by token holders. The sellers, on their part, also stand to gain a lot from this platform. Gemstone dealers will be given the exposure to meet clients all around the world. Decentraland is a booming ecosystem, and having LAND on there is a profitable business move that could lead to massive traction.
Sellers are able to customize their shops, allowing JADE token holders to browse the metaverse shop for precious gem NFTs for sale. The shop also includes live auctions for high-value items. Thanks to Binance Smart Chain, transaction costs are lowered for both large and small purchases.
