NFT watches sell for more than real Rolexes. photo credit: Instagram screenshot @3d.jesus
The NFT market is booming. After works of art and video games, it is now digital watches that are finding takers. Virtual timepieces, certified using NFT, that go on the market for several thousand dollars.
A virtual watch for 17,000 euros
It was the start of a revolution in the world of luxury watchmaking. NFT digital watches have just been sold across the Atlantic for 17,000 euros. A higher price than some genuine luxury watches from Rolex. The author of this miracle is called Jesus Calderon. Gifted with computers, he launched his brand Generative Watches, virtual watches that imitate the most famous models from Rolex or Audemars Piguet.
Some Internet users and other digital speculators have been so seduced by these virtual watches that they have, for some, paid several hundred dollars, even thousands, to obtain one. Purchasers will be able to keep their watches on their hard drives or display them in the metaverse or on their virtual avatars.
What are NFTs?
An NFT (
Non Fungible Token
) is a digital file to which a digital certificate is attached, making it unique and not interchangeable. These “smart contracts” make it possible to guarantee the origin of a digital object and attest to its authenticity. We could compare them to unforgeable virtual certificates. To guarantee this infallibility, NFTs use blockchain technology. These decentralized IT protocols make it possible to encrypt and secure financial transactions over the Internet.
Bitcoin, for example, is the best known and most important blockchain on the web to date. NFTs are mostly secured using another blockchain, Ethereum, which is also a cryptocurrency. The originality of this blockchain is that it makes it possible to generate smart contracts, the famous NFTs, unlike bitcoin where this type of process is more limited. The interest for buyers is that the value of their NFT object varies according to the price of the virtual currency to which it is backed. Thus, if the price of Ethereum increases, the value of the object purchased in NFT increases mechanically.
NFT: A Growing Trend
The art and video game sectors are among the main areas where the NFT market is booming. The American artist Beeple (Mike Winkelmann) thus sold a digital photo named
Everyday: the first five thousand days
for more than $69 million in the form of an NFT through Christie’s auction house in New York. In the third quarter of 2021, the total value of sales made using NFTs was estimated at $2 billion and could well grow. In addition to works of art, it is now possible to sell… tweets. The ex-CEO of Twitter thus sold in the form of NFT his first tweet for 2.9 million dollars in March 2022. Most of the transactions take place on specialized platforms such as Cryptopunk or OpenSea.
Auction: Beeple’s digital artwork sold for nearly $70 million
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NFT watches sold for more than real Rolexes
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