March 27, 2024
Panerai to Add NFT 'Digital Passport' to All Luxury Watches
NFT

Panerai to Add NFT ‘Digital Passport’ to All Luxury Watches

Italian luxury watch brand Panerai has announced its plan to include an NFT-based “digital passport” with all watch purchases starting from October 3, expanding on an initiative it launched in 2022.

The Panerai digital passport serves as a comprehensive digital identity for each timepiece, providing detailed information about the watch and acting as proof of its authenticity. The brand, owned by Richemont, collaborated with Web3 solutions provider Arianee to introduce this blockchain-powered digital passport, which will be showcased at the Watches and Wonders fair in Shanghai.

One notable feature of the digital passport is its transferability to the next owner, documenting technical details and the watch’s journey over its lifetime. This feature aims to combat counterfeiting and instill confidence in secondary market buyers that the watch is genuine.

The secondary market for luxury wristwatches is substantial, with nearly $27 billion (25 million euros) worth of pre-owned timepieces sold in 2022. It is projected that the secondary market will surpass primary watch sales by 2033. Panerai’s NFT passport also allows holders to extend their watch’s international limited warranty for up to eight years, providing an additional incentive for registration. The brand, established 163 years ago, anticipates that this functionality will lead to “further value-added services and advantages.”

Panerai initially introduced Arianee technology in March 2022 with a limited run of its Radiomir Eilean Experience Edition watch, which came with a one-of-a-kind NFT artwork and exclusive evolving content. While it included a digital passport, the primary focus was on the artistic and experiential aspects. Panerai had previously expressed its intention to expand the digital passport feature to all of its watches, and this broader rollout emphasizes its utility, aligning with the luxury industry’s current interest in Web3 technology.

Panerai CEO Jean-Marc Pontroué stated, “Committed to elevating the client experience, we continually adapt and innovate to align with the changing times. We firmly believe that digital identities are poised to transform possession of valuable assets, enabling our clients to trace the lifecycle of their watches, prove authenticity, and benefit from bespoke services tailored to each timepiece.”

Owners can obtain their digital passport at the time of purchase at Panerai boutiques or by scanning a QR code on the warranty card. Arianee co-founder and CEO Pierre-Nicolas Hurstel sees this rollout as an important milestone in enhancing and building trust in the customer experience.

Image by myblowfish from Pixabay

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