Reply With QuoteIt almost sounds like a parody. I work in the semiconductor business and find the NFT thing to be absolutely ridiculous.
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Inevitable, really…
Rolex to enter NFT Market
Having joined the pre-owned market last year, Rolex have revealed they will soon be making a move into non-fungible tokens, or NFTs, to cater for the digital asset collector.
“Rolex superlative technical innovation in partnership with FTX will bring ERC-721 compliant NFTs to brand's iconic designs” - FT Weekend (subscription required)
According to credible sources Rolex have noted the opportunity in “the rising popularity of social media and watch appreciation with online digital-natives” but have been challenged due to each physical timepiece taking them one year to make.
The article, aptly exclusive to the Financial Times, notes that while lauded for their brand recognition and advertising acumen, supply has been a problem since social media became a profession, rather than a pastime.
The resulting gap will be filled with NFTs, which can be produced in far less time.
“Deploying Rolex's unique Digital Alloys and proprietary Digital Foundry, a Submariner NFT can be produced in as little as 2 weeks. Additionally, signature Rolex innovations in bezel colour and case size can be brought to market not in 2 to 5 years, but in 2 to 5 weeks” declared Hans Dorfman-Wils, CEO of the new Digital Assets Division, Rolex DAD, created in partnership with leading digital exchange, FTX.
“For collectors and the community, it offers a unique combination of accessibility with the exclusivity and superlative manufacturing only Rolex can provide” he enthused.
Goldman Sach's industry analyst Anthony Wright-Herbert explained that the value proposition for luxury watches has skewed towards online display, rather than actual timekeeping - or even wearing. The intrinsic worth is no longer in the physical item, he essays, but in the virtual display. Rolex's move, he concludes, is simply their latest step in a remarkable journey of business acumen and marketing genius that is unparalleled among luxury marques.
NFTs (continues A Wright-Herbert) are the ideal way for savvy digital natives to display their brand allegiance, status and unique personality, without having to endure the tedious necessity of buying a watch in an old-fashioned “shop”, only to photograph it once next to their German car before trading it.
It cuts out the object-based fetishism, removes the servicing requirement, negates the risk of mugging, and delivers directly the digital product, suitable for Instagram or social media channels, he told subscribers to his newsletter for serious collectors, Time to Invest.
Dorfman-Wils concluded by teasing in a 10-second TikTok clip that the first NFT will be based on one of the company's signature designs, combined with their Temps Digitale Manufacture (Digital Time Manufacture).
The FT article concludes by suggesting 2023 will be “The year of Rolex Perpetual TDM”.
It almost sounds like a parody. I work in the semiconductor business and find the NFT thing to be absolutely ridiculous.
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Almost sounds like a parody eh?
…and on this day…Originally Posted by Bondurant
z
You don’t own a picture of a Rolex, you are only the custodian for the next Gen…
Oh no, sorry that the other lot isn’t it?
Last edited by Sinnlover; 1st April 2023 at 08:01.
The emperors new watch, deniably tested!
Last edited by M4tt; 1st April 2023 at 08:48.
April fools? If not it should be.
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‘Leading digital exchange FTX’ ha ha.
But in all seriousness, every major client facing brand, especially a luxury one, should have a NFT strategy.
Nike made close to $200 million in profit last year with NFTs, without even really trying. Gucci has a pretty switched on team as well.
... with a name like "A Wright-Herbert" ?
Probably
z
April Fool!!!
Great idea! You want a watch? First buy 3 nft’s for €10.000, than buy a real one for 20k.
When I went to type that, autocorrect came out with “A:Rolex fool”
……. which is more true than it will ever know!
Brilliant, many thanks.
Tim
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The semiconductor industry has been ridiculous for the last three years and no sign of a let up, but it’s 1/4/2023
Gah, got caught on that one. April fool indeed...
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And yes, but in our defense new process nodes are a pretty difficult science and engineering problem. Regardless everyone seems to be running to generative AI like they were running to crypto about three years ago. I think the generative AI/NLP stuff is more "real" though and not likely to fade away.
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I know several people who have made fortunes out of the shortage situation, they won’t need to work again when things sort themselves out
Good for them then! Unfortunately I'm just an applications engineer, so I don't really have the position or capital to make the most of the recent shortages. Perhaps I'm on the wrong side of the business :).
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Us contract manufacturers have done ok
Slightly off topic, but didn’t Hublot already did this with one of their limited edition releases? Think it’s the rainbow/flower dial watch.
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