This whole business of selling non fungible token assets — effectively digital records of owning a unique object that exists only in digital form — seems bogus to me.
Either that, or it will become a standard way of guaranteeing the provenance of all expensive watches.
Most likely we will stop talking about it within months.
The hype to value equation is particularly questionable in the case of a historic Hublot watch owned by Jean-Claude Biver, but being sold in an NFT version.
Whoever buys the NFT of the watch will not actually acquire the physical timepiece. That will stay in the safe custody of Mr Biver.
Buying the actual watch along with its NFT version makes a little more sense (only a little), and this is the case for a new Ressence Spymaster watch that is being sold by Sotheby’s on April 23.
The NFT cryptographic token of the watch which provide an immutable record of its provenance on a blockchain ledger.
Ressence’s Spymaster series is a 21-piece limited edition series of titanium watches made in collaboration with New York-based museum and experience pioneers SPYSCAPE.
Watch number 008 of the limited run, and its NFT equivalent, is being auctioned in Hong Kong with an estimate of $21,000 to $38,000.