Luxury watches are extremely collectible and scarce items with huge demand after their primary sale. With one of the most consistent collector communities in the world, the secondary watch market alone is a $20B industry.
Unfortunately, most watch retailers are not and cannot effectively monetize the aftermarket—“it won’t work, it’s too difficult, it’s too tedious, you can’t possibly monitor every secondary sale.” What if there was a way to monetize this monstrous opportunity while keeping your collectors’ community safe from fraud?
The Truth Behind NFTs
NFTs aren’t just jpgs, digital collectibles, or artwork. NFTs are a true form of verification and authentication through the blockchain’s immutable public ledger system. Creating NFTs to accompany watches is not only a great way to mitigate watch fraud, but it’s also the only feasible way to monetize the secondary market opportunity autonomously; through NFT-attached royalties that will last an eternity.
By accompanying each timepiece with its own NFT, you can attach a perpetual royalty percentage of your choosing that will automatically disperse the proper cut immediately after a secondary sale is executed, no matter the price, until the end of time.
Why NFTs Can Revolutionize The Market
Now, using NFTs, a retailer can build an official secondary platform or marketplace for these very real-life assets. Creating an official marketplace for your retail brand would also provide a safe place for your buyers and sellers to transact, instilling much more confidence than a StockX and further driving even more secondary volume. Easily streamline sales and verification authentication through NFTs on the blockchain. Match photos, serial numbers, certificates, documentation, etc., and start to gain control over your secondary market.
Creativity is the limit when executing your strategy leveraging NFT technology for this new frontier. But a great start would be to tokenize details and get NFTs into the hands of buyers upon sale.
Fortress Blockchain Technologies
Fortress Blockchain Technologies is a software development firm and holding company that is purpose-built to create financial, regulatory, and technology infrastructure for the rapidly emerging Web3 space. Turn to Fortress to execute your NFT strategy and be the thought leader in your industry.