ORIGYN- a Swiss foundation that uses artificial intelligence (AI) to identify and authenticate objects of value, has partnered with luxury watch marketplace WatchBox. Which will co-produce certificates of authenticity in the form of NFTs to enable customers to trade the digital ownership of a watch.It is the largest project on the ICP, developed by The DFINITY Foundation blockchain in which an Individuals who purchase a collector quality timepiece via WatchBox can expect ORIGYN to certify the authenticated object via biometric technology and each watch is given a unique biometric fingerprint and an NFT that contains all of this information which is minted.
These are utility NFTs that may offer customers insurance, digital provenance, concierge service and access to exclusive experiences. Users can point their phone cameras at a watch, scan it via the application and verify its serial number. ORIGYN’s utility NFTs will be rolled out to WatchBox consumers in the summer of 2022.
Daniel Haudenschild, CEO of ORIGYN Enterprise, said the secondary market in luxury watches is expected to reach as high as $32 billion by 2025.
“By combining blockchain, unique luxury goods biometrics technology and our utility NFTs, we aim to authenticate luxury goods and ensure their “unfalsifiability” traceability throughout their use, from sale to second hand, and allow customers to make luxury purchases in complete security.”
According to him, tracking provenance is one the oldest use cases for blockchain, but using authentication NFTs provides a “direct route to your consumer in a way that brands and manufacturers have never had before.”
According to ORIGYN the Swiss watch industry alone loses $2 billion annually to counterfeits, and over 40 million counterfeit luxury watches are produced and sold annually. And more than 37% of luxury end-consumers in France have bought a counterfeit product without knowing it.
She is a writer based in the India. She loves to write about the things that spark her interest like tech, art, blockchain, metaverse and NFTs.
