Cryptocurrency, blockchain and NFTs have heralded the arrival of Web3, promising to change the way industry does business and interacts with its customer base through a new, decentralized iteration of the internet.
Given its centuries-old craft, the watch industry is notoriously resistant to change and slow to react to outside developments, but the advantages promised by the technology are so wide-reaching that they cannot be ignored without first being explored.
Here HYPEBEAST looks at how the watch industry has already experimented with the technology and the potential benefits left to uncover.
Blockchain
Back in November 2021, Shark Tank investor Kevin O’Leary appeared at Dubai Watch Week, sitting on a panel discussion addressing crypto, blockchain and NFTs in relation to watches.
O’Leary, a watch collector himself, revealed that he was working on establishing a white paper for the application of blockchain technology to authenticate watches and would eventually like to see brands issue their own industry-standard authentication NFTs with every new watch sold.
“When I want to buy a Patek that’s been out in the market for 17-20 years,” said O’Leary. “I have to get John Reardon [the founder of Collectability LLC] to authenticate it, or someone like him that knows the history of those vintage pieces, it’s expensive and time-consuming because there’s a lot of knock-offs out there. If it doesn’t come with its NFT, then don’t buy it, simple as that.”
Continue reading: https://hypebeast.com/2022/2/how-will-blockchain-influence-watch-industry-nft-cryptocurrency-bitcoin
Given its centuries-old craft, the watch industry is notoriously resistant to change and slow to react to outside developments, but the advantages promised by the technology are so wide-reaching that they cannot be ignored without first being explored.
Here HYPEBEAST looks at how the watch industry has already experimented with the technology and the potential benefits left to uncover.
Blockchain
Back in November 2021, Shark Tank investor Kevin O’Leary appeared at Dubai Watch Week, sitting on a panel discussion addressing crypto, blockchain and NFTs in relation to watches.
O’Leary, a watch collector himself, revealed that he was working on establishing a white paper for the application of blockchain technology to authenticate watches and would eventually like to see brands issue their own industry-standard authentication NFTs with every new watch sold.
“When I want to buy a Patek that’s been out in the market for 17-20 years,” said O’Leary. “I have to get John Reardon [the founder of Collectability LLC] to authenticate it, or someone like him that knows the history of those vintage pieces, it’s expensive and time-consuming because there’s a lot of knock-offs out there. If it doesn’t come with its NFT, then don’t buy it, simple as that.”
Continue reading: https://hypebeast.com/2022/2/how-will-blockchain-influence-watch-industry-nft-cryptocurrency-bitcoin
