Panerai, the renowned Italian luxury watchmaker, unveiled its latest venture on Wednesday, announcing the integration of an NFT-based “digital identity” with every watch purchase, effective from October 3. This initiative, an extension of a project initiated in 2022, is set to revolutionize the way clients interact with their timepieces.
Each Panerai digital identity will serve as an exhaustive record of the respective watch, establishing its digital authenticity. These identities will be bestowed upon customers at the time of purchase, effectively serving as a certificate of authenticity.
In collaboration with Web3 solutions provider Arianee, a blockchain-powered digital identity has been introduced by Panerai. The brand is poised to introduce this groundbreaking innovation at the Watches and Wonders fair in Shanghai next week.
One of the remarkable features of this digital passport is its transferability to subsequent owners, enabling the comprehensive documentation of technical specifications and the watch’s journey throughout its existence. This advancement is poised to address counterfeiting concerns and instill confidence in secondary market buyers regarding the watch’s legitimacy.
The secondary wristwatch market is substantial, with Bloomberg’s data indicating sales of nearly $27 billion (25 million euros) worth of pre-owned timepieces in 2022. According to LuxeConsult, the secondary market is projected to surpass primary watch sales by 2033.
Moreover, Panerai’s NFT passport empowers owners to extend the international limited warranty for their watches up to eight years, serving as an additional incentive for registration. The 163-year-old brand believes this functionality will pave the way for “further value-added services and advantages.”
Panerai initially introduced Arianee technology in March 2022 with an ultra-limited run of 50 Radiomir Eilean Experience Edition watches. These watches were accompanied by one-of-a-kind NFT artwork and featured exclusive evolving content, introducing the concept of a digital passport. While the initial focus was on the artistic and experiential aspects, the current emphasis aligns with the luxury industry’s evolving approach to Web3, focusing on utility.
Jean Marc Pontroué, Panerai’s CEO, emphasized the brand’s commitment to enhancing the client experience, adapting to changing times. He stated, “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.”
To obtain their digital passport, owners can visit Panerai boutiques at the time of purchase or simply scan a QR code on the warranty card. According to Pierre-Nicolas Hurstel, co-founder and CEO of Arianee, this rollout marks a significant milestone in enhancing and ensuring a trusted customer experience.
Arianee has established a long-standing relationship with the luxury watch industry, collaborating with watchmaker Breitling on digital IDs as early as 2020. Their partnership extends to brands like L’Oreal, Moncler, Lacoste, and the Richemont Group as a whole.
Once registered, Panerai watch owners gain access to Pam.Guard, a digital platform designed for its client community, offering a host of benefits linked to the digital passport. Hurstel describes Pam.Guard as “a client account with advanced features, providing all the advantages of the internet of ownership within a secure and user-friendly digital environment.”
This innovative platform enables users to document the various phases of their products’ lifecycle, validating their ownership both online and offline, and facilitating easy transfers to new owners with just a single click. Additionally, owners can report a watch as lost or stolen if needed.
Hurstel highlights that the Richemont Group has developed its wallet infrastructure to support NFT minting, ensuring compatibility with Arianee’s protocol. This approach has resulted in a straightforward and easily comprehensible interface, devoid of typical crypto complexities or the necessity to pay network gas fees.
In essence, users will relish the advantages of Web 3 in association with their watches, in a hassle-free and brand-centric manner.
