I think NFT can be used for good purpose. But it might be messy in implementation since all of this are somewhat wild wild west at the moment. Lets say if a customer buy an authentic Tag Heuer watch and for verification purpose the authentic one come with NFT as well transferred to buyer's wallet. It would be solid proof for the watch to be real since minting NFT cost would be almost the same as the bad fake watch price. 2 immediate problems though. 1.What will be the price of Tag Heuer watches if they implemented this ? I've been complaining about the price in recent years and it would be even more if they have this system implemented. 2.What happen if the owner decided to sell the watch and NFT separately ? Not that I have answer for both questions. I leaving it to the hand of you guys. transferring the monkey on my back
Not sure I understand. The ownership of the watch is not recorded on the blockchain right? I assumed the watch ownership was a classic operation but that the software allows you to access and display your NFTs. Even if ownership of the watch is minted then you can transfer that separately.
Yes you are right but I think Otto suggested using NFT as a way of verifying authenticity of luxury watches, if brands were to implement a system where each sold piece comes with its own NFT as well.
I think Nike is planning the same thing if i am not mistaken but two of the problem i mentioned before persist. So far no conclusion yet.
Minting cost of NFTs depend on the blockchain used. Right now minting of an NFT on the Ethereum blockchain costs about $20. But depending on price of ETH and blockchain congestion it can go way up higher, up to 4digit numbers. Minting on the Polygon blockchain or on Cardano cost about nothing. To sell a watch without transfer of the NFT (proof of authenticity) from your cryptowallet to the wallet of the buyer would be comparable to selling a watch without paperworks.
This is an excellent breakdown of NFTs, absolutely worth a watch whether you’re interested in them or not! (Warning, long video)
In any case, NFTs are ways for digitally savvy crooks to steal money from you. I do have an IWC NFT though, I saw it on IWC’s site and accessed it. It supposedly offers special access to events (though so far they are only in Geneva) and has a fairly quiet chatroom.
I must admit I put more time and money into the cryptospace than into watches recently. But with the goal of generating wealth to put it into more watches and such later on . Strategy didn't quite work out up to now I am afraid.
I prefer my money in funds where I can check value easily, get a constant return and, cash it in easily, f***** Russia messing things up at the moment though.
So it's come to this. An "opportunity" to purchase a digital copy of a fun replica of a classic watch. When the real one is quite available. NFT, WTF? https://fepoinspace.com/
