Last Updated on March 19, 2024 by newseditor
Panerai, an Italian luxury watchmaker, announced intentions to include an NFT-based “digital passport” with each watch purchased after October 3.
The Panerai digital passport will act as a record with full information about each timepiece. This will thereby create its digital identity and supply evidence of authenticity at the time of purchase.
Panerai is working with Web3 solutions company Arianee to implement this blockchain-powered digital passport. The luxury brand will feature this project at the upcoming Watches and Wonders event in Shanghai. Particularly, the passport’s transferrable nature enables it to be given to succeeding owners, recording the watch’s technical details and journey over its lifetime.
The Digital Passports by Panerai Extends the Global Limited Warranty
Panerai’s NFT passport provides an additional benefit to holders by extending their watch’s international limited warranty for up to eight years, motivating registration.
With a 163-year history, the company hopes that this functionality will lead to “further value-added services and advantages.”
Panerai first used Arianee’s technology in a limited edition of their Radiomir Eilean Experience watch in March 2022. This limited-edition release comprised one-of-a-kind NFT artwork and changing material, with the digital passport having a role in the artistic and experience aspects of the offering. Panerai then announced that it would add the digital passport feature to all of its timepieces.
With the broader launch, the emphasis is now on the utility and improved customer experience, in line with the current Web3 outlook for the luxury industry.
CEO Jean-Marc Pontroué stated that Panerai is committed to making the customer experience better and is always coming up with new ideas to keep up with the times. They are confident that digital identities would transform the ownership of priceless commodities. They believe this will allow their clients to track the progress of their timepieces, establish their authenticity, and use specialized services for each timepiece. When purchasing a watch from a Panerai boutique, customers can obtain their digital passports by scanning a QR code on the warranty card.
Arianee has developed close relations with the luxury watch business, working with Breitling on digital IDs since 2020. The company also collaborates with well-known companies, including L’Oreal, Moncler, Lacoste, and the entire Richemont Group.
The launch of Panerai’s new feature coincides with an increase in luxury companies using NFTs to verify the authenticity of their products. According to reports, the Miu Miu parent company, Prada Group, and the Aura Blockchain Consortium have introduced blockchain services enabling users to confirm their purchased products’ legitimacy. In addition, customers can access a digital certificate of authenticity to confirm the validity of products using the blockchain technology developed by The Aura Consortium. Customers can tap their smartphones on products with inbuilt NFC chips, such as Maison Margiela Tabi shoes. The chip then sends the phone to a website where the company offers a certificate of authenticity and details on the product’s origin.
Takeaways
The NFT-based “digital passports” will be included with every watch purchase from the Italian luxury watchmaker brand Panerai, which works with Web3 solutions provider Arianee to improve authenticity and offer longer warranties. This step fits in with the growing trend of luxury brands using NFTs and blockchain to prove the authenticity of their products. This is expected to improve the customer experience in the high-end watch industry.
