Jacob & Co. is Auctioning Off an NFT Watch as a Cryptographic Asset
Laura McQuarrie — March 25, 2021 — Fashion
References: complex
Fashion's desire for newness and exclusive pieces is supporting the rise of cryptographic assets and now, Jacob & Co. is collaborating with NFT platform ArtGrails to auction off a virtual watch. The first-ever NFT luxury watch is Jacob & Co.’s SF24 Tourbillion and it is based on the jeweler's Epic SF24 design, with added functions and alterations. Notably, this includes a system that displays 10 cryptocurrencies instead of global cities.
Jacob & Co. CEO Benjamin Arabov says that "The pandemic has pushed the luxury watch industry out of its comfort zone" and "It’s now time to see what type of noise we can make as digital products.” NFTs in particular appeal to collectors for their uniqueness and the sense of ownership they provide.
Jacob & Co. CEO Benjamin Arabov says that "The pandemic has pushed the luxury watch industry out of its comfort zone" and "It’s now time to see what type of noise we can make as digital products.” NFTs in particular appeal to collectors for their uniqueness and the sense of ownership they provide.
Trend Themes
1. Cryptographic Assets - The rise of cryptographic assets in fashion presents disruptive innovation opportunities for businesses to auction off virtual luxury items and explore new ways to provide unique experiences for customers.
2. NFT Luxury - The creation of the first-ever NFT luxury watch presents a disruptive innovation opportunity for luxury brands to leverage unique digital experiences as a way to differentiate from competitors and engage with customers.
3. Virtual Collections - The desire for newness and exclusivity in fashion is driving the creation of virtual collections which offer unique experiences to customers and create new revenue streams for companies through digital sales.
Industry Implications
1. Luxury Watches - The luxury watch industry has the opportunity to leverage NFTs and other cryptographic assets as a way to create unique and exclusive experiences for customers and differentiate from competitors.
2. Fashion - The fashion industry can leverage the rise of cryptographic assets and virtual collections to create new revenue streams and offer customers unique digital experiences.
3. NFT Marketplaces - As the demand for NFTs and virtual luxury items grows, the emergence of NFT marketplaces present a disruptive innovation opportunity for businesses to provide a platform for buying and selling unique digital assets.
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