- Panerai, an Italian luxury brand, will include an NFT digital passport with its watches, along with a certificate of authenticity and other perks.
- The blockchain-powered digital passport was introduced by the Richemont-owned business in collaboration with Web3 solutions vendor Arianee.
- Each Panerai digital passport will include detailed information about the timepiece in question, serving as its digital identification.
Panerai, an Italian luxury watchmaker, has announced intentions to include an NFT-based “digital passport” with every watch sold after October 3.
The Panerai digital passport will act as a record holding specific information about each timepiece, establishing its digital identity and offering evidence of authenticity when purchased.
Panerai has partnered with Arianee, a Web3 solutions provider, to create this blockchain-powered digital passport.
The luxury brand will highlight this effort at the upcoming Watches and Wonders expo in Shanghai.
The passport’s transferable nature allows it to be passed on to succeeding owners, chronicling the watch’s technical characteristics and voyage over its lifetime.
Panerai’s NFT Passport Extends International 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 stated at the time that it intended to expand the digital passport capabilities to all of its watches.
With the broader implementation, the emphasis is now on utility and improved customer experience, which aligns with the luxury industry’s current Web3 view.
According to Jean Marc Pontroué, CEO of Panerai, “We firmly believe that digital identities are poised to transform possession of valuable assets, enabling our clients to trace the lifecycle of their watches, prove authenticity, and benefit from bespoke services tailored to each timepiece.”
Watch owners can get their digital passports either in a Panerai shop when purchased or by scanning a QR code on the warranty card.
Arianee has significant relationships with the luxury watch business, having worked on digital IDs with watchmaker Breitling as early as 2020. In addition, the company collaborates with well-known brands such as L’Oreal, Moncler, Lacoste, and the Richemont Group as a whole.
Luxury Brands Use NFTs to Combat Counterfeiting
Panerai’s new feature comes as luxury brands increasingly turn to NFTs to assure product legitimacy.
Prada Group, the parent company of Miu Miu, has reportedly launched blockchain services that allow clients to verify the authenticity of their purchased products in collaboration with the Aura Blockchain Consortium.
Customers can validate products using the Aura Consortium‘s blockchain technology by accessing a digital certificate of authenticity.
Customers can tap their smartphones on things such as the Maison Margiela Tabi shoes, which have inbuilt NFC chips.
The chip then sends the phone to a website where the company issues an authenticity certificate and information about the product’s origin.
