Italian luxury watch manufacturer Panerai is set to revolutionize the way watches are authenticated and documented with the introduction of NFT-based “digital passports.” Starting from October 3, every Panerai watch sold will come with a digital passport, powered by blockchain technology, providing detailed information about the timepiece and verifying its authenticity.
Panerai has partnered with Arianee, a Web3 solutions provider, to implement this groundbreaking initiative. In March 2022, Panerai introduced the Arianee technology by launching a highly exclusive edition of its Radiomir Eilean Experience timepiece, limited to only 50 pieces. The watch was accompanied by a unique NFT artwork and showcased exclusive, dynamic content, with the primary emphasis on the artistic and experiential elements. Additionally, a digital passport was incorporated into the offering. The digital passport will be showcased at the upcoming Watches and Wonders fair in Shanghai.
This innovative approach not only combats counterfeiting but also caters to the growing secondary market, where pre-owned watches amounting to nearly $27 billion were sold in 2022 alone. In addition to establishing the watch’s digital identity, the NFT passport offers an extended international limited warranty of up to eight years, incentivizing registration. Panerai’s implementation of Arianee technology aims to expand this functionality to all its timepieces, emphasizing the utility and value-added services of Web3 technology in the luxury industry.
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