Jacob & Co auction first NFT luxury watch | Joblux.com

Jacob & Co auction first NFT luxury watch

Jacob & co NFT

Luxury watchmaker Jacob & Co. is about to put on sale the very first virtual watch based on NFT technology: the Jacob & Co. SF24 NFT.

The world of cryptocurrencies, in full expansion in recent months, is the scene of many records and other exceptional sales in all fields combined. Here, it is the Swiss luxury watchmaker Jacob & Co who, together with the NFT ArtGrails platform, is about to launch the SF24 NFT, a watch based on the Epic SF24.

This NFT wristwatch (for non-fungible token), a unique work registered in the blockchain (technology used by all cryptocurrencies to register transactions), will replace the names of the 24 cities initially registered on the original model by the names of 10 famous cryptocurrencies, including Bitcoin, Ether or Fantom. Unlike its actual predecessor, the digital asset will also feature a tourbillon. A unique box and certificate will accompany the digital asset.

The works and other NFT objects, increasingly prized for their unique side and considered as precursors, have been causing a stir for several months during exceptional auctions. Christie’s notably sold a JPG file “Everydays – The First 5000 Days” produced by the artist Bepple for 69.3 million dollars (nearly 59 million euros)., Or a realization by the artist Krista Kim “ Mars House ”sold for $ 500,000.

“NFT technology is uncharted territory for everyone and, obviously, for the conventional watch industry […] Jacob & Co. is a pioneer in finding this whole new arena for all top jewelry and watch brands. range. Our goal is to prove that there is a market for high-end luxury digital assets and we want to be the first to break into this industry. It is not a question of whether NFTs will have a place in the world of watches and luxury, but rather when. »Benjamin Arabov, CEO of Jacob & CO.

The sale, which begins this Sunday, April 4, will begin with an auction priced at $ 1,000. However, the growing interest in this technology should cause the price of this digital watch to soar.

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Comments

  1. I found a couple of points in an article by Ledger Insights (which is a blockchain news outlet) very interesting.

    One, on why an NFT boom is imminent, and second, on necessary precaution to not dilute the brand equity.

    “Customers who purchase an NFT could create images of themselves wearing the 3D clothing and share it on social media. For luxury clothing that is often sold in very limited editions, this could be an opportunity to enable more customers to see themselves in a garment without compromising the value of owning the physical product. Another solution is to sell 3D clothing for avatars in games.”

    “On the one hand, NFTs can enable an accessible product offered by luxury brands to attract a wider market, increasing desire for the 3D garment version when a celebrity wears a piece of clothing. But at the same time, care has to be taken in execution to ensure the luxury brand’s cachet is not diluted through low-cost digital garment ownership.”

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