Editorial – See NFTs, do you believe in them? – WorldTempus newsletter

First coincidence on the calendar, just as I start writing these few lines, “NFT” has just entered the 2023 edition of Larousse (one of the two major French dictionaries), well escorted by the words or phrases “wokism” “,” Covid long “” or “distanciel”, just to stay on top of the news. NFT, whose real name is Non Fungible Token, now has an official French definition that can help those who are allergic to digital technologies , to better understand what we are really talking about. An NFT is therefore a “non-reproducible and tamper-proof digital file representing a unique active, virtual or physical object (artwork, tweet, piece of music, etc.) listed in a blockchain, and which is associated with a digital certificate of authenticity and ownership ”. That’s pretty clear, okay! But still ?

NFT Astronomia Metaverso Venus and Earth © Jacob & Co.

I first heard about NFTs a few months ago. The phenomenon had been gaining momentum for some time, and it had especially excited the coconut tree in the art market. And then the escape happened. Digital artwork has been sold for tens of thousands of millions of dollars. NFTs have established themselves in the gaming world. They arrived in the music industry and won the fashion sector. And today, part of the watch industry is positioning itself in the metaverse market, which according to Morgan Stanley experts recorded a record revenue of more than $ 10 billion in the third quarter of 2021.

Watchmaker NFTs, do you believe in them?

Octo Finissimo Ultra © Bulgari

As usual, with a lot of flair and a good lead, Jean-Claude Biver was the first to risk it. In the spring of 2021, he auctioned NFT, in this case a digital twin, of a piece from his personal collection, the Bigger Bang All Black Tourbillon Chronograph “Special piece”. Since then, the race for this digital and speculative El Dorado has been launched. Jacob & Co tried the exercise very early, also in the spring of 2021. Other recent examples set the trend in motion. Louis Moinet sold a thousand NFTs in record time this year. Bvlgari has also just created NFTs associated with the thinnest mechanical watch in the world unveiled at the latest Watches and Wonders, the Octo Finissimo Ultra. As for the Hublot brand, it has just announced the creation of two NFTs created in collaboration with Japanese artist Takashi Murakami.

Watchmaker NFTs, do you believe in them?

© Hublot

If we are to believe Mark Zuckerberg, who announced the impending arrival of NFTs on Instagram and Facebook, these digital assets are far from having their last words, despite the spectacular decline in the NFT market that now appears to be to follow the upheaval in the stock markets. So, watch lovers, collectors or simple watch lovers, should we now acquire the digital twin of a watch to speculate or one day arouse the admiration of our loved ones in the metavers of the future?

Watchmaker NFTs, do you believe in them?

NFT Space Revolution © Louis Moinet

I sincerely believe that advances in technology are good. In the case of NFTs, if only because the authenticity, traceability and transparency of very real objects can thus be guaranteed. We can without error identify its date of creation and its place of origin, trace the entire life of the watch, from the origin of its components to its repairs, including the names of its possible subsequent owners. For watchmakers, NFTs can also be the digital consequence of a project / tangible object, accompanied by a range of services and real-time experiences for their holders, such as factory tours or VIP access to specific events, for example. . Not to mention the enormous opportunity to develop the societal aspect. Virtually and in fact! From a personal point of view, I admit that I am not quite ready to wear a virtual watch to shine in the metaverse. Age questions answer my office colleague, much older than me! And are you ready for NFT?

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