Groundbreaking Patek Philippe NFT auction underway
Just how long have you been on the waiting list for a Patek Philippe Nautilus? It’s currently over a decade-long wait for some of the more popular models.
But if you want to get your hands on a 5711/1A-010 quickly, there’s an auction on right now... to win one in the form of an NFT (non-fungible asset).
That's right. The watchmaking giant is offering brand fans the chance to get a digital replica of the iconic Nautilus reference, which will allow them to buy shares in a physical version of the watch. Crazy, or what?
Piece of digital art
The first ever Patek NFT, based on the Nautilus 5711/1A-010, was created together with a private collector in the Middle East, who owns the discontinued model.
We reckon the Nautilus designer Gerald Genta would be pretty impressed with the unique NFT which allows viewers to span over 30 years of the watch's history.
We can travel through time starting with Genta’s initial idea sketches on a napkin and watch as it morphs into the original ‘76 Nautilus 3700. Next enjoy zooming through from 1976 to 2006, finishing with a 3-D recreation of the rare timepiece.
But what about the actual watch?
It gets fragmented through the NFA, which allows every registered member of the platform to buy shares of the luxury sports watch (fractionalised assets) for trading. The physical watch is then the first Patek to be fractionalised and made available for sale via blockchain!
Co-founder of SM-ART, Robina Latham, said: “SM-ART has proven that NFT’s have a place in the luxury world and we are especially proud that we’re pioneers in this new digital field.
“It’s incredibly important to us that each NFT is carefully curated, selected and verified by our experts. We work with private collectors, artists, museums and galleries to ensure these NFT’s are based on the real artworks or a new original piece is conceived by the artists themselves.”
How does the auction work?
The auction is open now and runs until 5pm on Sunday 21 November on the SM-ART platform. The highest bidder gets their hands on the exclusive NFT. They also get exclusive access to get fractions of the physical Patek Philippe Nautilus for 24 hours before the NFA fractions can be grabbed by other keen investors.
If you’d like your own NFT
Unlucky in the auction? Luxe Watches is very proud to be selling its own NFTs. And we’re the first watch brand to create and offer an NFT in the form of a digital certificate. This adds an extra layer of security to your sale or purchase, so you can rest assured that the watch you are getting has been properly assessed for authenticity and condition.