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Luxury Goods Have Entered The NFT Scene, Now With The First-Ever NFT Watch
By Alexa Heah, 06 Apr 2021
Image via Jacob & Co.
Luxury timepiece and fine jewelry maker Jacob & Co. is paving the way for high-end fashion brands to enter the booming non-fungible tokens (NFT) market. On April 4, the world’s first-ever NFT watch went up for auction on NFT platform ArtGrails.
Starting at a bid of US$1,000, the NFT SF24 Tourbillon will be on auction for five days, with the winning bid yet to be determined. The digital timepiece takes inspiration from the brand’s real-life Epic SF24, which features a patented World Time Display, including a split flap-display featuring 24 cities around the world.
Instead of cities, the NFT SF24 Tourbillon will list the names of 10 cryptocurrencies, with well-known names such as Bitcoin, Ethereum, and Fantom in the mix. The timepiece will also come in a digital box with a matching certificate.
While the luxury fashion industry hasn’t always been the earliest adopters of new technology, Jacob & Co. hopes to prove there is demand for High-End Digital Assets (HELDAs) in the NFT marketplace. “Jacob & Co. is a trailblazer in discovering this brand-new arena for all high-end jewelry and watch brands,” said CEO Benjamin Arabov.
Considering a single JPG file sold for US$69.3 million from famed auction house Christie’s, it’s no wonder luxury brands are warming up to the NFT world.
[via Highsnobiety and Robb Report, cover image via Jacob & Co.]
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