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WatchBox has struck a deal with Origyn — a specialist in authentication, blockchain-based certification and NFTs — to digitally tag and trace its luxury watches.
Origyn and WatchBox will produce Utility NFTs for watches, which can be traded independently from the physical items.
The first NFTs are expected to be on sale this summer on WatchBox in much the same way as physical watches.
It means Watchbox could create and sell the NFT of a watch that remains in its safe and under its security.
The owner of that unique NFT (and the watch to which it is attached) could then be traded at any point in the future — instantly like selling shares, and safely because it would be a legally binding trade.
These NFTs also tackle the issue of counterfeit watches by acting as blockchain-based certificates of authenticity for luxury watches purchased on WatchBox’s platform.
It would create a similar market to fine wine, where bottles are often stored in secure perfect conditions, and ownership is traded without them ever moving.
“Once an object has a guaranteed certificate, the NFT becomes highly tradable,” says Daniel Haudenschild, CEO of Origyn Enterprise.
“Authentication NFTs will make secondary market trading faster and safer for buyers and sellers alike. WatchBox is a leader in collectible watches that are guaranteed to be authentic and collector quality, and we are pleased to work with them to provide a digital guarantee of their services.”
Origyn uses computer vision, machine learning and decentralised technology to certify authenticated objects. The company claims its computer vision and artificial intelligence can pick up details the human eye can’t see so that any watch can be given a unique biometric fingerprint. Once this unique fingerprint has been created, an incorruptible NFT containing all the information is minted.
NFTs logged on the blockchain has the potential to stop genuine luxury goods being swapped with counterfeits by constantly controlling the authenticity during its overall lifespan.
The Swiss watch industry reportedly loses $2 billion annually to counterfeits, and over 40 million counterfeit luxury watches are produced and sold annually.
Watches certified as authentic by WatchBox will be issued a digital certificate on the Origyn platform that can be validated through the biometrics of the watch itself, using advanced computer imaging and artificial intelligence.
“Discerning collectors have long trusted WatchBox to purchase authentic, collectible watches, and our partnership with Origyn will extend this proof of authenticity to the blockchain,” said Justin Reis, CEO of WatchBox.
“We are excited to provide our clients and community with access to a web3 authenticity certificate, exclusive blockchain- native content and services, and the ability to digitally trade watches through our partnership with Origyn.”