Will Rolex use NFT

[boogiebot]

Originally Posted by 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

Very cool. As another poster mentioned, I also believe at some point it’s just a matter of time before all high end brands start to use this.


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[boogiebot]

Originally Posted by TunaTuna

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

I believe Rolex to be a very smart company. I also think they don’t look at things in short term view. If they were to implement this it would give them an insight with statistically relevant information to consumer behaviour before and after the sale. Companies kill for this kind of in depth data.


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[boogiebot]

Originally Posted by 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.

If you are buying the watch from someone you’re going to want the NFT. That’s like saying the box and papers aren’t important. I’m not a flipper and I own everything for all my watches.

As for a flipper this all depends on Rolex or the AD view this. Is it an issue to them? Anything I say is purely conjecture as I’m not in their business. That said, what the NFT will show is a trace of how the watch got to a certain person and who is responsible for that. It would force transparency in the industry


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[Maximus84]

Breitling already use NFTs. I have one for my SuperOcean purchased in early 2020. I can't profess to be a complete expert on the technology but it seems a sound concept.

[Gab27]

Yes, but will it go to the moon?

[jakemiller69]

The question with crypto and NFTs is that fraud doesnt magically disappear because it has a token.

Rolex can tokenize ownership all they want. BUT, once you receive the watch and your token, you can then sell a watch and token. Unless an expert, a fake can transfer with that token.

There are a lot of issues going from real to digital and who ensures it’s the genuine item as it passes each hand (owner).

Blockchain is mostly hype, useful for big corps as ledgers for settling international money transfers like what JPM is doing with their Ethereum clone. The rest is just speculation and hype.

[Doood]

Originally Posted by 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

I remember a simpler time….. I prefer privacy. It’s just a watch after all.

[boogiebot]

Originally Posted by jakemiller69

The question with crypto and NFTs is that fraud doesnt magically disappear because it has a token.

Rolex can tokenize ownership all they want. BUT, once you receive the watch and your token, you can then sell a watch and token. Unless an expert, a fake can transfer with that token.

There are a lot of issues going from real to digital and who ensures it’s the genuine item as it passes each hand (owner).

Blockchain is mostly hype, useful for big corps as ledgers for settling international money transfers like what JPM is doing with their Ethereum clone. The rest is just speculation and hype.

You make some very good points


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[Koolpep]

If Rolex wanted to, they could already have this:
-allow every current owner to register is watch with them
- have a stolen watches register (they had one and discontinued it, go figure….) where you can look up serial numbers to see if the watch you are going to buy is stolen.


The entire nft solution could potentially be done analog with a visit to a Rolex dealer. They cold certify the watch, enter you in a trusted Rolex run ledger of ownership. No NFT or blockchain needed. That’s only needed when trust is an issue.

[boogiebot]

Originally Posted by Koolpep

If Rolex wanted to, they could already have this:
-allow every current owner to register is watch with them
- have a stolen watches register (they had one and discontinued it, go figure….) where you can look up serial numbers to see if the watch you are going to buy is stolen.


The entire nft solution could potentially be done analog with a visit to a Rolex dealer. They cold certify the watch, enter you in a trusted Rolex run ledger of ownership. No NFT or blockchain needed. That’s only needed when trust is an issue.

There are more applications than just authenticity and original owner. As I mentioned this shows where the watch would end up and who will own it during its lifetime


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[Koolpep]

Originally Posted by boogiebot

There are more applications than just authenticity and original owner. As I mentioned this shows where the watch would end up and who will own it during its lifetime


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If every owner registers with Rolex you have the same info. Incentive could be to offer a warranty extension or another goodie to everyone who buys pre-owned and registers - I don’t think Rolex really cares that much. They sell to their clients, the ADs.

If they wanted to have a direct customer relationship, they would sell direct. Maybe that’s what they plan on doing in the long term. Apparently they do run 3 Rolex boutiques secretly….who knows…

[boogiebot]

Originally Posted by Koolpep

If every owner registers with Rolex you have the same info. Incentive could be to offer a warranty extension or another goodie to everyone who buys pre-owned and registers - I don’t think Rolex really cares that much. They sell to their clients, the ADs.

If they wanted to have a direct customer relationship, they would sell direct. Maybe that’s what they plan on doing in the long term. Apparently they do run 3 Rolex boutiques secretly….who knows…

Could be. Maybe they end up going full direct to customer via boutique and online only. I’d also be curious to see how our shopping habits and patterns will be consumed in Facebook’s meta verse.


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[jakemiller69]

Originally Posted by boogiebot

You make some very good points


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Appreciate it. As a developer, I work on this exact problem with companies and it always comes back to who is going to verify the original, real world item… especially as it goes through many hands. Rolex or your AD or a certified trusted third party would have to do that each time. So the point of an NFT is cool and unique, but still doesn’t solve a lot of Rolex issues.

They would need to own the whole process. Which is something I don’t think they want to do.

[boogiebot]

Originally Posted by jakemiller69

Appreciate it. As a developer, I work on this exact problem with companies and it always comes back to who is going to verify the original, real world item… especially as it goes through many hands. Rolex or your AD or a certified trusted third party would have to do that each time. So the point of an NFT is cool and unique, but still doesn’t solve a lot of Rolex issues.

They would need to own the whole process. Which is something I don’t think they want to do.

Oh but you know how much Rolex loves to control everything


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[Koolpep]

Originally Posted by boogiebot

Could be. Maybe they end up going full direct to customer via boutique and online only. I’d also be curious to see how our shopping habits and patterns will be consumed in Facebook’s meta verse.


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Don’t get me started. Wait until Facebook will have to adhere to every countries laws in the virtual world and has to enforce them there too.

I remember second life. Isn’t that pretty much the same in “better”?

I am not seeing myself wearing a virtual Rolex in a virtual world, paid for with real money.

[boogiebot]

Originally Posted by Koolpep

Don’t get me started. Wait until Facebook will have to adhere to every countries laws in the virtual world and has to enforce them there too.

I remember second life. Isn’t that pretty much the same in “better”?

I am not seeing myself wearing a virtual Rolex in a virtual world, pod for with real money.

Hahahahah we could really go down the rabbit hole on this one. I have a lose understanding of second life. Never really got to into it, just caught glimpses of it from the side lines.

What you’re saying though about a virtual Rolex, I’m sure it’s coming


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[joli160]

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.

You are assuming that Rolex doesn’t like flippers nor grey sellers and is interested in who owns a watch.
I believe the contrary to be true. Removing the name from the newest style warranty card is perhaps a good example of Rolex facilitating the grey market.

Grey sellers have been around for decades and they live in perfect symbiosis with AD’s and will continue to do so. Obviously these are the real VIP customers of Rolex.

Brand has never been stronger in its entire history, why change anything

[boogiebot]

Originally Posted by joli160

You are assuming that Rolex doesn’t like flippers nor grey sellers and is interested in who owns a watch.
I believe the contrary to be true. Removing the name from the newest style warranty card is perhaps a good example of Rolex facilitating the grey market.

Grey sellers have been around for decades and they live in perfect symbiosis with AD’s and will continue to do so. Obviously these are the real VIP customers of Rolex.

Brand has never been stronger in its entire history, why change anything

Absolutely and you could be bang on with your comments. I truly have no idea. That’s why I love this board. Everyone has some really good thoughts and insights.


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[Koolpep]

Originally Posted by boogiebot

Hahahahah we could really go down the rabbit hole on this one. I have a lose understanding of second life. Never really got to into it, just caught glimpses of it from the side lines.

What you’re saying though about a virtual Rolex, I’m sure it’s coming


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I agree with you. The virtual Rolex is coming. But then there will also be the look on people’s faces when you tell them that you have a great watch collection in the meta verse, but can only wear that Casio FW91 for going out for (real) dinner with your friends.

Oh and the look on my wife’s face when she is gifted a virtual Rolex for her birthday. She will be soooooo happy.

I think the trend of REAL mechanical watches shows us that people prefer something long lasting, eternal, piece of art. Rather than a grandfather handing over a faded Print-out to the grandson of a watch he once owned in a now defunct virtual world.

If you buy a real Rolex and Rolex goes bankrupt, you still have that Rolex. If you buy that virtual one and Facebook decides to pull the plug on metaverse or goes belly up, you end up with…..nothing?

I am in camp real Rolex.

[boogiebot]

Originally Posted by Koolpep

I agree with you. The virtual Rolex is coming. But then there will also be the look on peoples faces when you tell them that you have a great watch collection in the meta verse, but can only wear that Casio FW91 for going out for (real) dinner with your friends.

Oh and the look on my wife’s face when she is gifted a virtual Rolex for her birthday. She will be soooooo happy.

I think the trend of REAL mechanical watches shows us that people prefer something long lasting, eternal, piece of art. Rather than a grandfather handing over a faded Print-out to the grandson of a watch he once owned in a now defunct virtual world.

If you buy a real Rolex and Rolex goes bankrupt, you still have that Rolex. If you buy that virtual one and Facebook decides to pull the plug on metaverse or goes belly up, you end up with…..nothing?

I am in camp real Rolex.

Oh I could only imagine my wife’s face as well as she strapped on her watch in the meta verse . I really wish we could sit in front of each other just so we could see how hard we each are laughing.

Maybe the digital Rolex would only be available to you if you bought the real one.


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[Koolpep]

Originally Posted by boogiebot

Oh I could only imagine my wife’s face as well as she strapped on her watch in the meta verse . I really wish we could sit in front of each other just so we could see how hard we each are laughing.

Maybe the digital Rolex would only be available to you if you bought the real one.


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Hahaha yes, I would like to see you laugh!

Next time in the metaverse LOL

I also can’t wait for the immense efficiencies of the meta verse.

I mean, instead of saying: “Alexa, order new washing detergent”,
I could boot my PC, start the metaverse, put on my virtual reality glasses, virtually visit a supermarket, virtually check out things in my virtual cart, to get them delivered to my door.

The goal for Facebook/meta is to keep you in the metaverse as long as possible so they can market stuff to you. Same goal as on their website version. But that’s the opposite I want especially for chores.

Me thinks, I am not the target demographic for meta.

[Sothy]

I don’t see how this would hurt the grey market to be honest. I’d be more likely to buy used if I was 100 percent certain of a thing’s authenticity. Would instant flippers be scared off by the chance of Rolex seeing the instant sale? Quite possibly. But people would just adapt their buy/sell philosophy (because most people don’t need multiple submariners, GMTs, etc. and would sell a LV if they got a WG LB, etc).

But how do you envision the coding working? A piece of art is one item. But a Rolex has 100s of components. Would each piece be encoded? If it’s just the serial number being traceable instantly with 100 percent ownership history, how do you know who changed in non-Rolex parts down the road? Does one need to use RSC for each service then?

[rambo99]

Originally Posted by Sothy

I don’t see how this would hurt the grey market to be honest. I’d be more likely to buy used if I was 100 percent certain of a thing’s authenticity. Would instant flippers be scared off by the chance of Rolex seeing the instant sale? Quite possibly. But people would just adapt their buy/sell philosophy (because most people don’t need multiple submariners, GMTs, etc. and would sell a LV if they got a WG LB, etc).

But how do you envision the coding working? A piece of art is one item. But a Rolex has 100s of components. Would each piece be encoded? If it’s just the serial number being traceable instantly with 100 percent ownership history, how do you know who changed in non-Rolex parts down the road? Does one need to use RSC for each service then?

I think only the serial number can be tied to the digital certificate, still a chance some parts are not authentic, but at least you can be sure the watch is not stolen.

[boogiebot]

Originally Posted by Koolpep

Hahaha yes, I would like to see you laugh!

Next time in the metaverse LOL

I also can’t wait for the immense efficiencies of the meta verse.

I mean, instead of saying: “Alexa, order new washing detergent”,
I could boot my PC, start the metaverse, put on my virtual reality glasses, virtually visit a supermarket, virtually check out things in my virtual cart, to get them delivered to my door.

The goal for Facebook/meta is to keep you in the metaverse as long as possible so they can market stuff to you. Same goal as on their website version. But that’s the opposite I want especially for chores.

Me thinks, I am not the target demographic for meta.

touché sir. Here’s to the meta verse.


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[DaMan1990]

If Rolex will create an NFT, price of this will going over the stars

[padi56]

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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One thing we do not talk about in the Rolex watch forum is fake anything.

[boogiebot]

Originally Posted by padi56

One thing we do not talk about in the Rolex watch forum is fake anything.

Roger that


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[77T]

There is nothing about NFTs that would thwart the secondary market. I agree with Peter that we should skip the discussion over brand authenticity.

Can you imagine the uproar for the normal buyers? Requiring them to pay gas just to protect the minority of owners who might flip a watch?

Remember, an NFT is just an entry on a blockchain like ETH. There are plenty of tricks possible with NFTs on a hard analog asset.

If the original seller (either AD or one of us) is in cahoots with a grey dealer, the grey dealer will not request a transfer of the token. Once the hard asset is sold, the grey dealer simply has the original seller complete the transfer to the final buyer.

There are also myriad “mules” who would gladly allow their wallet to be used to transfer an NFT for a few days/weeks if the original seller won’t play ball. They simply get a slice of the pie for parking the NFT.

BTW, creating “virtual mule” wallets also becomes a method on a grey dealer’s laptop since a grey dealer can afford the gas.


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[rambo99]

Originally Posted by 77T

There is nothing about NFTs that would thwart the secondary market. I agree with Peter that we should skip the discussion over brand authenticity.

Can you imagine the uproar for the normal buyers? Requiring them to pay gas just to protect the minority of owners who might flip a watch?

Remember, an NFT is just an entry on a blockchain like ETH. There are plenty of tricks possible with NFTs on a hard analog asset.

If the original seller (either AD or one of us) is in cahoots with a grey dealer, the grey dealer will not request a transfer of the token. Once the hard asset is sold, the grey dealer simply has the original seller complete the transfer to the final buyer.

There are also myriad “mules” who would gladly allow their wallet to be used to transfer an NFT for a few days/weeks if the original seller won’t play ball. They simply get a slice of the pie for parking the NFT.

BTW, creating “virtual mule” wallets also becomes a method on a grey dealer’s laptop since a grey dealer can afford the gas.


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blockchain certificate seems to have no use in preventing fraudulent/stolen watches as you have explained, then why breitling implemented it in the first place? do you think you know more than breitling? if breitling can implement it without affecting too much the total cost, I cannot see why rolex will be hurt doing it.

[beshannon]

Originally Posted by rambo99

blockchain certificate seems to have no use in preventing fraudulent/stolen watches as you have explained, then why breitling implemented it in the first place? do you think you know more than breitling? if breitling can implement it without affecting too much the total cost, I cannot see why rolex will be hurt doing it.

Blockchain is very useful and largely misunderstood.

Did Breitling do this for theft/ownership issues? Or did Breitling do it for parts, manufacture and assembly verification?