Last updated: November 16, 2021
What is the luxury watch Patek Philippe NFT and how does it work, exactly?
This story has been generating a lot of buzz, so it’s important to get an accurate view. Here we try to do as much research as possible.
Recent headlines and news articles on the subject have been pretty confusing, so here’s what you need to know:
First, it’s important to understand that this is NOT an official collection by the brand itself. Instead, it is a creative project by a private collector of this watch that he owns.
You see, the private owner of this watch (which was purchased originally in 2015) has created this timely NFT to give a limited amount of people the ability to own the NFT.
This is based off a highly rare watch collection, Nautilus, which had limited production numbers and will now be transformed into an NFT — making it attainable again (in digital form). The renown Nautilus has been around since 1976.
The physical version of the Nautilus 5711/1A-010 is no longer being produced.
Just like owning a physical collectible creates a sense of ownership, owning the non fungible token and digital asset also creates opportunity for a new type of fanbase.
Owning an NFT demonstrates verifiable ownership of this digital asset, and gives you a piece of history in a timepiece. Here’s a more in-depth read if you want to learn more about non fungible tokens in general.
The full version will not be revealed until auction day. It will be a fractional ownership system.
When is the auction?
The auction for this NFT will be spread across three days in mid-November (the exact date has yet to be announced).
Where is the auction being held?
It will be held on the NFT website SM-Art, a website for high-end collectibles.
All in all, this is ideal for collectors interested in high-end NFTs, which is a very specific and niche crowed.
Please note that this collection was created by a private collector of the watch, NOT by the brand itself.