When people think of NFTs, their mind goes to costly digital images, often purchased by people with more money than sense. Paying hundreds of thousands of dollars for artistically dubious pixels of jaded primates might not be a sound fiscal plan, but the underlying technology is exciting. Blockchain ownership can transform contracts, logistics and shipping, health records, and data security.
Luxury watch brands are taking notice and pivoting to integrate this technology. The industry had a dramatic resurgence in the last few years and is predicted to achieve revenues of 48.3 billion dollars in 2023. A few key players dominate sales: Rolex, the Swatch Group, which owns Omega and Longines, along with a dozen other brands, and Richemont, which includes Panerai, Cartier, IWC, and Jaeger Le Coultre, account for over 60% of sales.
Read Full Article »