Italian manufacturer of luxury watches Panerai has revealed plans to include an NFT-based ‘digital passport’ with every watch sold after October 3.
Panerai’s digital passport will serve as a document containing detailed information about each timepiece, establishing its digital identity and providing proof of authenticity at the time of purchase.
To implement this blockchain-powered digital passport, Panerai is partnering Arianea provider of Web3 solutions.
The luxury brand will present this initiative at the upcoming Watches and Wonders fair in Shanghai.
The transferable nature of the passport means it can be passed on to subsequent owners, documenting the technical specifications of the watch and its journey throughout its life.
Panerai’s NFT Passport extends the International Limited Warranty
Panerai’s NFT Passport offers holders an added benefit by extending the international limited warranty on their watch to eight years, encouraging registration.
The company, with its 163-year history, expects this functionality to open doors to “further value-added services and benefits.”
Panerai initially integrated Arianee’s technology in March 2022 for a limited edition of its Radiomir Eilean Experience watch.
This exclusive release featured unique NFT artwork and featured evolving content, with the digital passport playing a role in the artistic and experiential aspect of the offering.
At the time, Panerai expressed its intention to expand the functionality of the digital passport to all its watches.
Now, with the wider rollout, the focus is on utility and improved customer experience, in line with the luxury industry’s current Web3 outlook.
“We are committed to improving the customer experience and are constantly adapting and innovating to meet the changing times,” Jean Marc Pontroué, CEO of Panerai, said in a statement.
“We believe that digital identities are poised to transform the ownership of valuable assets, allowing our customers to track the life cycle of their watches, prove authenticity and benefit from bespoke services tailored to each timepiece.”
Watch owners can claim their digital passport at the time of purchase at Panerai boutiques or by scanning a QR code on the warranty card.
Arianee has built strong ties with the luxury watch industry, having already collaborated with watchmaker Breitling on digital IDs in 2020. The company also collaborates with renowned brands such as L’Oréal, Moncler, Lacoste and the Richemont Group as a whole.
Luxury brands are adopting NFTs to combat counterfeiting
Panerai’s new feature comes as luxury brands increasingly turn to NFTs to ensure the legitimacy of products.
As reported, Prada groupthe parent company of Miu Miuin collaboration with the Aura Blockchain Consortiumhas launched blockchain services that allow customers to verify the authenticity of their purchased products.
Aura Consortium’s blockchain technology allows customers to authenticate products by accessing a digital certificate of authenticity.
Customers can tap their smartphones on items such as Maison Margiela Tabi shoes, which contain built-in NFC chips.
The chip then sends the phone to a website where the company provides a certificate of authenticity along with information about the product’s origin.