Two California-based employees of Coinbase, Rebecca Rose and Peter Kacherginsky tokenized their marriage using a smart contract on Ethereum’s blockchain. According to Cointelegraph, apart from a traditional wedding ceremony, the couple also recorded their union as tokens, as a way of exchanging “rings” on the blockchain.
Registering their marriage on the blockchain required two transactions on the network. In particular, those included transfers of the NFT tokens, or virtual “rings,” to the couple’s wallets. Creating the contract cost about $537. Moreover, the validation took 4 minutes and resulted in $50 in miner fees, the source says.
Smart contracts on the Ethereum network allow to create and execute transactions without third-party involvement. Moreover, the advantage of a smart contract is the absence of an intermediary and the automatic enforcement of the agreement between the two parties.
The cryptocurrency of the Ethereum network, ETH, has been attracting institutional investors. Over the previous week, 400,000 ETH was moved out of Coinbase, and Ki Young Ju, the CEO of CryptoQuant, suspects it might be the result of institutional interest.
ETH has seen price growth of over 19% in the past 7 days, per CoinMarketCap.com data. It is trading at around $2,049 at the time of writing.