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Wednesday 31 March saw the start of the first NFT auction of a luxury watch, organised by cybersecurity, IoT company WISeKey and Jean-Claude Biver. WISeKey has listed the watch on the NFT marketplace OpenSea, where it already sells artworks in non-fungible tokens (NFT). The sale will close on 6 April 2021 at 2:00am AEDT.
This is the first time that a luxury watch has been the subject of an NFT (Non Fungible Token) sale, unlike many works of art and intangible assets. It is the first luxury watch to have a digital life with certified ownership and authenticity. This digital twin is the “authentic” double of the physical watch in digital space.
As a reminder, NFTs are pieces of digital real estate that are tracked on a blockchain, which is a record of digital transactions that cannot be altered. A non-fungible token is uniquely identifiable and is not interchangeable with anything else unlike cryptocurrencies. NFTs are part of the Ethereum blockchain, which is a crypto-currency like bitcoin, and is the currency in which NFTs are traded.
On this occasion, Jean-Claude Biver, a pioneer in fine watchmaking and former president of the watch division at LVMH, symbolically chose the Bigger Bang All Black Tourbillon Chronograph “Special piece”, his favourite watch that has been part of his collection for more than 25 years but also a historical piece that has marked the history of watchmaking by its success.
“This watch has brought me so much success and happiness,” said Jean-Claude Biver. said Jean-Claude Biver. “It is one of the most important watches in my private collection. It has not only inspired me professionally, but also brought me so much personally”.
Biver will retain ownership of the physical watch while the winning bidder will receive the archetypal Hublot with an embedded digital certificate. The certificate uses a public-private key pair, which guarantees its authenticity.
All proceeds from the auction will be donated to charity.
The timepiece unveils a never-before-seen ‘All Black’ colour with a dial open to the movement allowing a view of the sublime mechanics. An ultra contemporary design accompanies the tourbillon.
This watch represents the beginning of new fields of exploration, new trends that have become today’s standards. It is the starting point of a whole new generation of contemporary watchmaking imagined and initiated at the time by Jean-Claude Biver.
This is not the first time that the Swiss watchmaking legend and the Swiss company WISeKey International Holding Ltd have collaborated. Twelve years ago, they were the first to launch at BaselWorld the first digital certification of a luxury watch (Hublot) with a forgery-proof authentication system.
Today, they combine digital identification with NFT to use the existing digital certificate of authenticity on the watch with the creation of a digital twin with corresponding NFT.
Note that WISeKey has been working in the luxury watch market since 2010. Its current technology combines two-factor authentication with blockchain technology to establish the authenticity of a watch. The company also provides watchmakers with Near Field Communication (NFC) technology that allows a NFC-enabled phone to read and confirm the identity of the watch.
Read also > IN FRANCE, THE FIRST BATCH OF BITCOINS SOLD AT AUCTION FIVE TIMES THE MARKET PRICE
Featured photo : © OpenSea[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Wednesday 31 March saw the start of the first NFT auction of a luxury watch, organised by cybersecurity, IoT company WISeKey and Jean-Claude Biver. WISeKey has listed the watch on the NFT marketplace OpenSea, where it already sells artworks in non-fungible tokens (NFT). The sale will close on 6 April 2021 at 2:00am AEDT.
This is the first time that a luxury watch has been the subject of an NFT (Non Fungible Token) sale, unlike many works of art and intangible assets. It is the first luxury watch to have a digital life with certified ownership and authenticity. This digital twin is the “authentic” double of the physical watch in digital space.
As a reminder, NFTs are pieces of digital real estate that are tracked on a blockchain, which is a record of digital transactions that cannot be altered. A non-fungible token is uniquely identifiable and is not interchangeable with anything else unlike cryptocurrencies. NFTs are part of the Ethereum blockchain, which is a crypto-currency like bitcoin, and is the currency in which NFTs are traded.
On this occasion, Jean-Claude Biver, a pioneer in fine watchmaking and former president of the watch division at LVMH, symbolically chose the Bigger Bang All Black Tourbillon Chronograph “Special piece”, his favourite watch that has been part of his collection for more than 25 years but also a historical piece that has marked the history of watchmaking by its success.
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Wednesday 31 March saw the start of the first NFT auction of a luxury watch, organised by cybersecurity, IoT company WISeKey and Jean-Claude Biver. WISeKey has listed the watch on the NFT marketplace OpenSea, where it already sells artworks in non-fungible tokens (NFT). The sale will close on 6 April 2021 at 2:00am AEDT.
This is the first time that a luxury watch has been the subject of an NFT (Non Fungible Token) sale, unlike many works of art and intangible assets. It is the first luxury watch to have a digital life with certified ownership and authenticity. This digital twin is the “authentic” double of the physical watch in digital space.
As a reminder, NFTs are pieces of digital real estate that are tracked on a blockchain, which is a record of digital transactions that cannot be altered. A non-fungible token is uniquely identifiable and is not interchangeable with anything else unlike cryptocurrencies. NFTs are part of the Ethereum blockchain, which is a crypto-currency like bitcoin, and is the currency in which NFTs are traded.
On this occasion, Jean-Claude Biver, a pioneer in fine watchmaking and former president of the watch division at LVMH, symbolically chose the Bigger Bang All Black Tourbillon Chronograph “Special piece”, his favourite watch that has been part of his collection for more than 25 years but also a historical piece that has marked the history of watchmaking by its success.
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