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.
Patek Phillipe has made groundbreaking history with this truly unique and first of its kind creation. Visit our platform at https://t.co/D8EoHEk0Z7 where we showcase the NFT in all its glory. ⌚️ #patekphillipe #nautilus #masterpiece #timepiece #watch #geraldgenta #timetravel pic.twitter.com/T54T2v52hM
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.
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