Italian luxury watchmaker Panerai has revealed plans to include an NFT-based “digital passport” with every watch purchase starting from October 3, expanding upon an initiative launched in 2022. Each Panerai digital passport will serve as the watch’s digital identity, offering comprehensive information and serving as proof of authenticity for the timepiece. This blockchain-powered passport initiative was developed in partnership with Web3 solutions provider Arianee and will be presented at the Watches and Wonders fair in Shanghai.
One notable feature of the Panerai NFT passport is its transferability to subsequent owners, documenting the watch’s technical details and journey throughout its lifespan. This approach aims to combat counterfeiting and instill confidence in secondary market buyers regarding the watch’s legitimacy.
The secondary market for luxury wristwatches is substantial, with nearly $27 billion (25 million euros) in pre-owned timepieces sold in 2022, according to data from LuxeConsult. It’s projected that the secondary market will surpass primary watch sales by 2033.
In addition to serving as a proof of authenticity, Panerai’s NFT passport offers the possibility of extending the watch’s international limited warranty to up to eight years, providing added incentives for registration. The brand suggests that this functionality will pave the way for “further value-added services and advantages.”
Panerai initially introduced Arianee technology in March 2022 with a limited run of its Radiomir Eilean Experience Edition watch, which featured an NFT artwork and digital passport with an artistic and experiential focus. Now, with the broader rollout, the emphasis is on utility and enhanced customer experience.
Owners can claim their digital passport either at the time of purchase in Panerai boutiques or by scanning a QR code on the warranty card. Pierre-Nicolas Hurstel, Co-Founder and CEO of Arianee, describes this rollout as a significant milestone in enhancing customer experience within the luxury watch industry.
Arianee has established relationships with various luxury brands, including partnerships with watchmaker Breitling on digital IDs as early as 2020. The company works with brands like L’Oreal, Moncler, Lacoste, and the Richemont Group as a whole.
Once registered, Panerai watch owners can access Pam.Guard, a digital platform developed for the client community, offering various benefits associated with their digital passport. Hurstel explains that this platform provides an enhanced ownership experience within a secure and user-friendly digital environment.
In summary, Panerai’s introduction of the NFT-based digital passport aligns with the luxury industry’s current interest in Web3 and aims to provide both ownership proof and extended services to watch buyers in a hassle-free manner.
