A Los Angeles-based jeweller is jumping on the rising hysteria for non-fungible token assets by creating an Apple Watch on a gold chain pendant that can be used to display NFT art and other assets.
NFT assets are digital representations of art and other objects — including watches.
They cannot be copied and their provenance and ownership is stored on an incorruptible blockchain ledger in the same way as cryptocurrencies.
This means if you are the registered owner of an NFT asset, it will be provably yours forever or until you sell it.
This type of scarcity and traceability is highly valued in the world of luxury collectors for art, prestige timepieces and much more, even if the owner of NFT assets cannot physically touch their treasures.
Ivy J Jewelers gives owners bragging opportunities with its 14ct gold Apple Watch pendant because digital assets can be displayed.
The necklace combines “your favorite digital asset with your favorite physical asset,” its creator, Ivy J Jewelers, wrote in an Instagram post.
It went on sale briefly on a site called Rarible, which trades NFT assets, but was withdrawn after bids reached almost $8,000.
Jean-Claude Biver and Swiss cybersecurity company WISeKey International Holding Ltd have extended the sale of an NFT luxury watch (the digital twin of a Hublot Bigger Bang All Black Tourbillon Chrono) until the end of April.
Bidding for the incorruptible digital file of the watch has reportedly reached 25 ethers ($52,825 at the current ether to dollar exchange rate).
Ether is a blockchain-based cryptocurrency similar to Bitcoin.