NFT Luxury Watch Auction Could Change The Industry Forever

The world of NFT trades and sales is becoming a hot topic in every genre of news, and thanks to WISeKey the first ever NFT watch is about to be auctioned for sale. This bold move is going to change the landscape of how consumers view the luxury watch market from this point forward. The first ever NFT-secured watch completely changes the perspective of how luxury watches are sold and valued. To date, NFT sales have been primarily attached to music and art, but this time, they’re being linked to an actual tangible item with a practical use. According to the Motley Fool, “Ownership of an item can be tracked digitally with a verifiable chain as well. This is what WISeKey is trying to build with its NFT technology; if it succeeds in auctions like this, it could make WISeKey into a long-term growth stock in the security space.

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The announcement about this NFT luxury watch auction comes mere days before it is set to take place. On March 31st, WISEKey will present what they call “the first ever secure luxury NFT watch” on OpenSea.

The watch itself is going to be embedded with a digital certificate. This ground breaking moment is best described by CEO Carlos Moreira, who tells Benzinga that “Establishing a relation between the object and NFT is essential,” forever changing the landscape by no longer deeming NFT’s as obsolete concepts.

He goes on to say; “the auction is meant to demonstrate the technology that could be used to identify ownership of an item.”

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WISEKey has been certifying physical items for quite some time now, but this remains a unique concept in this industry. Luxury watches have never before been sold in this manner.

This concept is appealing as it allows consumers to keep the original physical watch while at the same being able to “monetize the twin of the item as an NFT.”  The idea of giving luxury items an individual business model is a new concept that is sure to appeal to many people that are exploring the world of NFT’s, and the infinite options they present.

Connecting physical and digital goods together with NFT’s is the key to consumer confidence. Those who have not yet explored the world of NFT’s will have increased opportunities to do so in a more tangible way than what typical NFT’s have offered to date, and the luxury watch market is among the first to break through in this manner.

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Sources: Motley Fool, Be In Crypto, Benzinga

 

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