NFT Watch Auction Could Change the Luxury Watch Industry
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WISeKey will auction the first-ever NFT-secured watch on OpenSea NFT MarketPlace on March 31.
Cybersecurity and IoT company WISeKey will auction the first NFT-secured luxury watch on March 31, the company announced on March 26. WISeKey will list the watch on OpenSea NFT MarketPlace, where it already sells NFT artwork.
WISeKey specifies that the winning bidder receives the watch, which has an embedded digital certificate. The certificate uses a public-private key pair, which guarantees the authenticity of the watch.
NASDAQ-listed WISeKey has been working in the luxury watch market since 2010. Its current technology combines dual-factor authentication with blockchain technology to establish the bona-fides of a watch. Moreover, the company provides watchmakers with NFC technology to let an NFC-enabled phone read and confirm the watch’s identity.
Watchmakers Keeping up
Watchmakers have a difficult time with fake watches polluting the market. NFT watches are the latest in a long line of defenses against illegal copies.
Hublot, for example, worked with KerQuest on a blockchain-based solution to authenticate their watches and even initiate the watch’s warranty. The ETH-based Aura blockchain was developed by Microsoft and Consensys.
Runs Like a Swiss Wallet
In November 2020, Franck Muller introduced its BCH Encrypto timepiece. The watch features a two-piece BTC Cash cold wallet. The public key is etched on the dial, and a USB drive holding the wallet’s private key. The BCH Encrypto follows from the Vanguard Encrypto, which was launched in June 2019.
NFT Wearable Artwork
The BCH Encrypto sells for EUR 9,900. How much will the first NFT-secured watch go for in the auction? WISeKey says it is auctioning the watch in order to attract attention. It could do that as well as raise a serious bid.
NFTs are an important part of the digital asset environment in 2021. However, most NFT-related items are solely in the digital world. Unlike the WISeKey watch, you can’t touch them.
Another NFT First
The NFT art world fomented the first-ever art collaboration between a human and a robot. Also on March 26, artwork by Sophia the Robot and artist Andrea Bonaceto garnered over $1 million. Five original pieces were on sale. Four of the pieces were sold in 30-copy limited editions, and sold for $2,500-$3,000 each. The last, Sophia Instantiation, sold as a 1-of-1 edition for $688,8888.
NFTs may be popular for the moment, but NFT-secured watches and first-ever artwork leave collectors with lasting pieces.
The post NFT Watch Auction Could Change the Luxury Watch Industry appeared first on BeInCrypto.
