You Can Buy a Chunk of the Millennium Sapphire as an NFT, but That Doesn’t Mean You Should

You Can Buy a Chunk of the Millennium Sapphire as an NFT, but That Doesn’t Mean You Should
Image: MS Token

NFTs – or non-fungible tokens – are all the rage at the moment. You can buy Tweets and just about anything that someone wants to store the rights to on a blockchain. But the organisation behind the Millennium Sapphire is doing things a little differently. They’re selling ownership of chunks of the $200 million-plus rock to whoever wants to convert their cash to something more digital.

The Millennium Sapphire was discovered in Madagascar in 1995, prior to its life as an NFT. It weighs in at 12.3 kg. The initial value reported was between $US90 and $US500 million, but the website is now listing it as valued at $US150 million – just over $206 million.

Earlier this month, Millennium Fine Art Inc. (MFAI) announced that its wholly owned subsidiary, MS Token LLC, would be conducting a Securitised Token Offering (STO).

The STO/Millennium Sapphire NFT public sale will start November 16 (November 17 AEDT), but there’s an odd catch. The Millennium Sapphire will be sold in chunks, not literal chunks, but in batches of $US500 (around $685).

Minimum buy-in for a share of the Millennium Sapphire is $US500. So, if you buy-in for around $685, at around $4.80 per token, you would receive roughly 142 tokens. They minted 150,000,000 (yep, 150 million) tokens.

The idea is more an investment than a purchase, with those buying tokens ending up with a somewhat pro rata share of the rock, the IP associated with the Millennium Sapphire and any potential dividends generated by the sales of the NFT studio. Those lucky* few that buy a chunk of the rock won’t get a piece to put on their bookcase, however.

Registrations for taking part in the Millennium Sapphire NFT offering are closed, after 5,000 people signed up in 8 minutes (!!!).

I think i’ll just stick to buying figurines I can place on my shelves.