Luxe Watches seals industry first with NFT launch

The Epping-based retailer is offering the first 10 for free – five for buying and five for selling.

Luxe Watches has become the first luxury watch retailer to launch personalised non-fungible tokens (NFT) providing, certificates of authenticity.

In launching the process, the Epping-based retailer is offering the first 10 for free – five for buying and five for selling.

NFTs, or non-fungible tokens, are entries on a blockchain, a type of digital ledger that’s completely unalterable.

The Luxe Watches NFT certificate will provide proof of ownership that can be transferred to new owners meaning the certificate adds provenance to the watch and can add value to the product in crypto coin.

These tokens represent one-of-a-kind items and offer guaranteed authenticity and value, to prove legitimate ownership of products.

The Luxe Watches certificate will include Customer ID (rather than name, due to data protection), date of transaction as a warranty activation, the Model, Luxe Watches Reference, price paid and a photograph of the watch.

It will also be signed by Luxe Watches to authenticate the sale.

Commenting on the move, Oscar Strong, head of sales at Luxe Watches, said: “One of the most important markets for a business are the emerging ones. We are excited to be leading the way, bringing together haute horology with technology, by being the first luxury watch retailer to launch our own.”

Adding: “Our NFT certificate will not only add provenance to purchases, but they will also give our customers a piece of technological history. Now, the crypto-wealthy, who are mostly young and male, are incredibly savvy and understand the value in being able to prove ownership and authenticity, so NFTs are becoming increasingly valuable and trusted.

“The NFT’s also add a level of exclusivity and collectability to certain products, and we feel sure this will place them in even higher demand.”

Many luxury brands are poised and ready to join the emerging NFT market with Burberry and Louis Vuitton, two of the most famous luxury fashion brands in the world recently launching their own NFT’s via mobile video game.