Will Rolex use NFT

[boogiebot]

So I had this thought lately, do you guys think that Rolex will end up using NFT’s on new watches in the future? If they did they would theoretically destroy the whole counterfeit business over night.


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[OrangeSport]

How would it stop them?

[asiparks]

Originally Posted by boogiebot

So I had this thought lately, do you guys think that Rolex will end up using NFT’s on new watches in the future? If they did they would theoretically destroy the whole counterfeit business over night.


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It could at least let you know the history of the watch; that it's genuine, from which AD and when it was purchased and, possibly, through whatever hands it passed. It would make watches turning up at greys instantly trackable back to their source.

It would make it harder for a counterfeit to be sold as real, but it wouldn't put a dent in the market for people wanting $400 watches that look like $10000 watches.

[boogiebot]

Originally Posted by OrangeSport

How would it stop them?

The NFT is a token that would be created by Rolex only. This would be transferred to the original buyer. It would then be kept in their krypto wallets. If the original seller was to sell the item, that nft would be transferred to the new buyer. This would also limit so called flippers and grey dealers.

If Rolex implemented it, this would be ground breaking.


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[boogiebot]

Originally Posted by asiparks

It could at least let you know the history of the watch; that it's genuine, from which AD and when it was purchased and, possibly, through whatever hands it passed. It would make watches turning up at greys instantly trackable back to their source.

It would make it harder for a counterfeit to be sold as real, but it wouldn't put a dent in the market for people wanting $400 watches that look like $10000 watches.

You sir are absolutely right. You would still have people that want fake items. But it would definitely destroy flippers and grey dealers. IMO of course


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[OrangeSport]

Originally Posted by boogiebot

The NFT is a token that would be created by Rolex only. This would be transferred to the original buyer. It would then be kept in their krypto wallets. If the original seller was to sell the item, that nft would be transferred to the new buyer. This would also limit so called flippers and grey dealers.

If Rolex implemented it, this would be ground breaking.


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Still don't see how it would stop fakes.

The majority are bought knowingly.

Even if they weren't someone would have to know about the NFT, and whether it's genuinely not.

But, when people buy Rolex for a few £00 they know it's fake.

[Matthew__Thomas]

Originally Posted by boogiebot

You sir are absolutely right. You would still have people that want fake items. But it would definitely destroy flippers and grey dealers. IMO of course


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It essentially would just digitize the original papers of the watch. But it wouldn’t destroy flippers and grey dealers, only the ones who are selling fakes.

[boogiebot]

Originally Posted by Matthew__Thomas

It essentially would just digitize the original papers of the watch. But it wouldn’t destroy flippers and grey dealers, only the ones who are selling fakes.

You’re digitalizing the papers but the ownership Is always linked to a person. Inside the blockchain Rolex would be able to instantly see how many watches an individual owns and sold and when this happened. You guys will say I’m nuts, but, I have a serious feeling this will be something they implement.


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[boogiebot]

Originally Posted by OrangeSport

Still don't see how it would stop fakes.

The majority are bought knowingly.

Even if they weren't someone would have to know about the NFT, and whether it's genuinely not.

But, when people buy Rolex for a few £00 they know it's fake.

You’re right the people who want fakes will still want fakes. But it would make it almost impossible for the people who try to sell fakes as original to scam others.


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[jrox]

VC 2019:
"Vacheron Constantin certifies its entire range of watches using Blockchain technology"

Not sure how this initiative has been going and what is the status right now.

[MrGoat]

Originally Posted by boogiebot

You’re right the people who want fakes will still want fakes. But it would make it almost impossible for the people who try to sell fakes as original to scam others.


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Unless it’s vintage. And what happens if the seller doesn’t transfer the NFT at the sale?


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[boogiebot]

Originally Posted by jrox

VC 2019:
"Vacheron Constantin certifies its entire range of watches using Blockchain technology"

Not sure how this initiative has been going and what is the status right now.

Wow this is very interesting, thanks for sharing. I had no idea they were doing this. So clearly it’s nothing new. I can see other watch companies moving down this path. It makes sense as it protects their brand.


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[boogiebot]

Originally Posted by MrGoat

Unless it’s vintage. And what happens if the seller doesn’t transfer the NFT at the sale?


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Great question. If the watch was vintage what if Rolex offered to look over the watch and then create an NFT at a cost? Would you pay for this?? I know I certainly would.


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[jrox]

Originally Posted by boogiebot

Wow this is very interesting, thanks for sharing. I had no idea they were doing this. So clearly it’s nothing new. I can see other watch companies moving down this path. It makes sense as it protects their brand.


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Maybe we actually hear something from VC by end of this year :)

- In 2019, Vacheron Constantin introduced digital certification of authenticity using Blockchain technology.
- Initially reserved for its vintage watches from Les Collectionneurs collection, all Vacheron Constantin timepieces will be delivered by the end of 2021 with a blockchain-based digital passport, secured by the Arianee technology.
- The Hour Club, the new site exclusively reserved for Vacheron Constantin customers, will also serve as a digital authentication platform for the Maison’s watches.

[boogiebot]

Originally Posted by jrox

Maybe we actually hear something from VC by end of this year :)

- In 2019, Vacheron Constantin introduced digital certification of authenticity using Blockchain technology.
- Initially reserved for its vintage watches from Les Collectionneurs collection, all Vacheron Constantin timepieces will be delivered by the end of 2021 with a blockchain-based digital passport, secured by the Arianee technology.
- The Hour Club, the new site exclusively reserved for Vacheron Constantin customers, will also serve as a digital authentication platform for the Maison’s watches.

Thanks for sharing this. These guys are definitely on the right path.


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[2loaded]

NFT would be very welcomed. Theft deterrent to name a few advantages.

[boogiebot]

Originally Posted by 2loaded

NFT would be very welcomed. Theft deterrent to name a few advantages.

Yeah it would make it more difficult for a thief to sell. Most people steal stuff to monetize. Without the NFT you wouldn’t get as much money. I’m sure you’d still have people that will buy the stolen goods but it would reduce the pool of consumers for sure.


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[jlovda]

I'm a neophyte here regarding blockchain, etc. How do I know there is an NFT. Would the factory have to engrave a QR code on the case back? Will everyone buying or selling a watch have to contact Rolex with a serial number?

Maybe a Patek.

[Koolpep]

I am sceptical.

Rolex already has the unique serial number and knows who they sold the watch initially to.

The whole nft stuff makes things too complicated for little incentive to Rolex. Plus, a lot of buyers don’t want their name in any ledger. …if you know what I mean

[liberalclown]

Eventually the history of all valuable items will be tracked in blockchain, thats inevitable. This will stop the counterfeit industry. But I don't see this happening soon as the blockchain is not mature yet to be adopted by Rolex and Rolex' core target market doesn't see a value in it yet.

[boogiebot]

Originally Posted by jlovda

I'm a neophyte here regarding blockchain, etc. How do I know there is an NFT. Would the factory have to engrave a QR code on the case back? Will everyone buying or selling a watch have to contact Rolex with a serial number?

Maybe a Patek.

The token itself would be created originally by Rolex and the data logged in the blockchain. Once the item is sold it would be transferred to the original buyer. If the original buyer wanted to sell the item to someone, that next person would want the NFT as proof that the watch is oem Rolex, plus validates that the seller is the true owner. As only the true owner would have access to the NFT.


Edit- for the record, I’m no pro at this stuff.


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[Avs Fan]

I have a close family member who is very well versed in block chain technology (I am not). They recently asked me why NFT and block chain have not been implemented in our watch collector space.

[2nastie]

I understand the concept but I'm not sure how it would destroy flippers or grey dealers. Most often then not, you purchase these items with cash/world currency rather crypto. So therefore the value of the item/sale is only exclusive to the buyer and seller. Until crypto becomes legitimize 99.9% people will be using traditional or legal tender as forms of payment.

NFT would really just guarantee the legitimate transfer of the watch's title (like a car or real estate) over to a new individual. It's basically a more secure authenticity card (until you lose your digital wallet at which point... whoops).

Rolex could not or I should say should not prevent a transfer of ownership of an item regardless of the value it is being resold for. It's frankly none of their business. Preventing greys, flippers, and resellers from owning and selling watches is pretty laughable imo. Western society is built on capitalism. You don't need to own the watch, buy something else. Yes, it sucks that we can't buy something we want but that's life. Just wait until the market adjusts and suddenly you might get too many to choose from.

[boogiebot]

Originally Posted by 2nastie

I understand the concept but I'm not sure how it would destroy flippers or grey dealers. Most often then not, you purchase these items with cash/world currency rather crypto. So therefore the value of the item is only exclusive to the buyer and seller.

NFT would really just guarantee the legitimate transfer for title (like a car or real estate) over to a new individual. It's basically a more secure authenticity card (until you lose your digital wallet).

Rolex could not or I should say should not prevent a transfer of ownership of an item regardless of the value it is being resold for. It's frankly none of their business.

If someone is buying a bunch of watches straight from the AD and turning around and selling it to a grey this will be tracked in the blockchain. Whoever the next buyer is after the original will want to have the NFT transferred to them. This is nothing to do with using crypto as a form of payment. Inside the blockchain Rolex and AD would have access to see any transfers made. From a pure analytics and KPI standpoint it’s borderline genius for them. They don’t have to guess at anything as now it’s all documented.

Edit - regarding if you lost your wallet, since Rolex is the original generator of the NFT they could essentially take your watch during service, destroy the old NFT and reissue a new one. Again this would all show in transactional history of the block chain.


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[VogelPhoenix]

Seems like a solution for a problem Rolex doesn't have. They sell everything they make and don't really have to worry about what happens later. Unless they get involved in the secondary market with a CPO program I don't really see why they would be interested in building the infrastructure/support to support a part of the market that doesn't contribute to their bottomline (and I could see a lot effort needed to deal with hesitance or mishaps for the less youthful part of their clientele, and not only those).

Regarding the flipper deterrence - I doubt that Rolex actually wants a mechanical approach to flipper control with well defined and transparent rules. If the grey market once again proved essential to moving unwanted inventory, they would be happy to accommodate that, as in the good old times. The current ambiguity serves their purpose quite well.

[boogiebot]

Originally Posted by VogelPhoenix

Seems like a solution for a problem Rolex doesn't have. They sell everything they make and don't really have to worry about what happens later. Unless they get involved in the secondary market with a CPO program I don't really see why they would be interested in building the infrastructure/support to support a part of the market that doesn't contribute to their bottomline (and I could see a lot effort needed to deal with hesitance or mishaps for the less youthful part of their clientele, and not only those).

You could be absolutely correct sir. I guess we will wait and see


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[173rdabn]

Really slick idea. Can't see it stopping flippers as the NFT would be with the watch when sold originally. Repurchasing customer wouldn't really give a damn, they want the watch.

[amanbra]

Really interesting idea OP. I’d be all for it…


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[shammad10]

I’m a keen cyclist/triathlete. This has already been used in bikes, Colnago this year started using blockchain technology for bike authentication.

https://www.cyclist.co.uk/colnago/10...ago-blockchain

[TunaTuna]

Not sure Rolex cares about that. They won't spend money for something not necessary for them