Italian luxury watch manufacturer Panerai has revealed plans to include an NFT-based “digital passport” with every watch sold after October 3.
Quick Takes:
- The Italian luxury watch brand announces its digital passport with NFT technology.
- The document will serve as a guarantee of authenticity.
- Panerai will integrate this new update starting on October 3.
Panerai NFT Digital Passports
In a recent announcement, Panerai, the renowned Italian luxury watch brand, revealed that it will provide digital passports to its customers. Furthermore, the customers will get these digital passports as a certificate of authenticity, which will be powered by NFT technology.
In addition, the passports will have detailed information about the pieces purchased along with comprehensive data. This new update will be integrated into the watches starting on October 3. What’s more, Panerai has collaborated with Web3 solutions provider Arianee to smooth the blockchain features.
The partnership between Panerai and Arianee can be proven as a great initiative to get entry into secondary market transactions. Future owners can transfer the document and track the product’s journey and authenticity. Now, Panerai is going to launch its new initiative at the upcoming Watches and Wonders fair in Shanghai.
The Italian Brand and the Market
Paneria’s history goes back to the 1860s in Florence, when the company used to produce marine chronometers and diving watches. Moreover, the company had exclusive watches for the Italian Navy. Afterwards, the company became a distinguishable brand for watches ranging from $5,000 to $100,000.
Now, with the NFT stamped into the watches, it will be easy for the owners to trace back to the previous owners of the timepiece. Also, blockchain technology will ensure that all the related information is engraved into the watches. The ledger will secure the information and also verify the product’s authenticity.
Finally, the global market is experiencing remarkable shifts in technology. Currently, it is known that more than 40 million fake watches are being sold, and therefore, this step can be a game-changer. Lastly, the use of the new technology will foster trust among customers.
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