South African pre-owned watch specialist Topwatch has signed a deal with Origyn Luxury to provide blockchain-based authentication NFTs for its owned stock.
It is the second partnership announced by Origyn this month, following a similar agreement with WatchBox.
Topwatch is a CPO watch and fintech platform offering a curated inventory of owned luxury watches sold with 2-year warranties.
Certificates issued in conjunction with Origyn will come with a suite of options such as insurance, traceability.
“We have been actively combatting the counterfeit goods market without formal support for many years now. Finally a pioneer in arguably one of the most needed segments of the industry, we foresee Origyn Luxury to be accepted with open arms across all sectors of valuable investments. By joining forces with Origyn Luxury we can now offer a state of the art product to further the customers journey in trusting CPO,” says Johan Dreyer, Topwatch founder and CEO.
This collaboration will address the issue of genuine luxury goods being swapped for counterfeits by constantly monitoring the authenticity throughout the product’s lifespan.
Counterfeits cost the Swiss watch industry $2 billion per year, and over 40 million counterfeit luxury watches are produced and sold each year.
Origyn recently raised $20 million in funding, with support from Table Management, Polychain Capital, Bali Venture Partners, Vectr Ventures, Carter Reum, Div Turakhia, Paris Hilton, and others.
The foundation’s utility token, OGY, is expected to go public in the second quarter of 2022.
