Luxury watch brand Patek Philippe unveils debut NFT

The digital artwork is the watchmaker's first venture into the increasingly popular NFT space

Luxury watchmaking brand Patek Philippe has unveiled its first-ever NFT from the brand showcasing a rare and discontinued ‘Nautilus’ timepiece.

The watch will be embodied in an NFT by a private owner in the Middle East and will be auctioned off using the ‘SM-ART platform’ this month.

According to the company, the timepiece has created a “once-in-a-lifetime opportunity for members of the public to take ownership and invest in a piece of history” in the form of ‘The Nautilus 5711/1A-010‘ –  a rare watch no longer in production.

Following the sale,  the physical ‘Nautilus’ watch will be fractionalised into a non-fungible asset (NFA) – meaning registered users can buy shares of the actual timepiece and trade those shares, as the value of the timepiece continues to increase through demand.

The watch has a current valuation of $120k on the SM-ART website, with 92% of available ‘Fractions’ offered to customers through the auction.

Robina Latham, the co-founder of SM-ART, spoke of the importance of curating high-quality pieces and the demand for ‘luxury’ NFTs from various markets.

“SM-ART has proven that NFTs have a place in the luxury world and we are especially proud that we’re pioneers in this new digital field,” she said.

“It’s incredibly important to us that each NFT is carefully curated, selected and verified by our experts.

“This NFT of the Patek Philippe ‘Nautilus’ is a case in point – the response we’ve received so far has been overwhelming and we are excited to see this NFT make history at auction.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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