In a time where illusions of timepieces are sold for hefty prices, the ability to verify authenticity has never been more crucial. Italian horologists, Panerai is in the limelight for its newly introduced NFT-based “digital passport”, a record of every watch sale that would streamline the identification and verification process of the timepieces. An initiative to be revealed in the illustrious Watches and Wonders fair in Shanghai, this tool, developed in partnership with Arianee, a Web3 solutions provider is designed to score on two fronts: detailed information about the watch and a tangible proof of authenticity.
While the authenticity is a high selling point, Panerai’s NFT boasts a transferrable nature, tracing not just a watch’s technical details but its journey too. Imagine tracking the footsteps of a timepiece from one owner to the next, a testament to the changing captions of time. With an offer to extend the international limited warranty by eight years, and opening pathways for “value-added services and advantages”, Panerai further sweetens the deal for its patrons.
Stepping back to March 2022, we might recall a similar trial run by Panerai with the launch of its limited edition of Radiomir Eilean Experience watches. However, now, the focus has shifted from merely an artistic statement to one of utility, emphasising improved customer experience. Jean Marc Pontroué, Panerai CEO, believes firmly that digital identities will revolutionize possession of prized assets and enhance user experience – a sentiment echoing the luxury industry’s progressive Web3 outlook.
To access these passports, owners need to purchase from Panerai boutiques or scan a QR code on the warranty card. Arianee, no newcomer to the luxury space, has also partnered with brands like L’Oreal, Moncler, Lacoste, and the Richemont Group.
However, the rise of NFTs as authenticity verifiers is fuelling a new trend in counterfeiting luxury brands. Prada Group, under Aura Blockchain Consortium, introduced blockchain services that allow customers to verify the product’s legitimacy, enabling them to access digital certificates via NFC embedded chips in products. As Panerai opens the door to a watch’s lifecycles, it also ignites an intensified race for technological tools to safeguard and certify authenticity.
Source: Cryptonews
