Jacob & Co. To Auction First Luxury Watch NFT In April
Jacob & Co., the watch and jewelry company renowned for is use of diamonds, is adding a new facet to its business with the release of the first-ever luxury watch NFT.
NFTs, or non-fungible tokens, are entries on a blockchain, a type of digital ledger. These tokens represent one-of-a-kind items and are guaranteed to be authentic. Proving ownership and authenticity is notoriously tricky with digital assets, so NFTs are becoming increasingly valuable and trusted. An NFT is proof of ownership that can be transferred to new owners and proves you own the original, no matter how many digital copies there are out there. The art world was one of the first to embrace NFTs and has taken it to staggering new heights: a digital artwork by Beeple was sold for $69.3 million at Christie’s earlier this year.
Now Jacob & Co. has introduces the first luxury watch NFT in an auction with ArtGrails, a new luxury NFT auction house founded by Avery Andon, the CEO and founder of artlife.com, one of the first strictly e-commerce luxury art galleries in partnership with his brother Alec Monopoly, a street artist with over a million Instagram followers who has created pieces for celebrities and top brands. Benjamin Arabov, the newly appointed CEO of Jacob & Co., partnered with ArtGrails to auction off a one-of-a-kind NFT, a three-dimensional animation of Jacob & Co.’s Epic SF24.
For Arabov, the Epic SF24 was the perfect watch to select for this NFT. He tells Forbes, “It was the first timepiece that Jacob & Co. developed that was super, super high complicated. It was an absolute technology breakthrough to make this technology work within a watch.” The Epic SF24 features an innovative flap system, reminiscent of classic train stations and airports, where the arrivals and departure signs would flip with each new flight.
PUBLISHED BY– Forbes