ORIGYN, a Swiss foundation using artificial intelligence (AI) to identify and authenticate valuables, has partnered with luxury watch marketplace WatchBox. The pair will co-produce certificates of authenticity in the form of NFTs, allowing customers to trade digital ownership of a watch.
ORIGYN is the largest project on the Internet Computer Protocol or ICP developed by the DFINITY Foundation blockchain. Individuals who purchase a collectible quality watch through WatchBox can expect ORIGYN to certify the authenticated item thanks to its biometric technology. Each watch is given a unique biometric fingerprint and an NFT containing all of this information is embossed.
These are utility NFTs that can offer customers insurance, digital provenance, concierge services, and access to exclusive experiences. Users can point their phone cameras at a watch, scan it through the application and check its serial number. ORIGYN’s utility NFTs will be launched for WatchBox customers in Summer 2022.
Cointelegraph spoke to Daniel Haudenschild, Chief Executive Officer of ORIGYN Enterprise, the for-profit arm of the ORIGYN Foundation, who said authentication NFTs will make secondary market trading faster and more secure for buyers and sellers alike. He said the aftermarket for luxury watches is expected to reach as much as $32 billion by 2025.
“Through the combination of blockchain, unique biometric technology for luxury goods and our utility NFTs, we aim to authenticate luxury goods and ensure their ‘unfalsifiability’ throughout their use, from sale to second hand, and enable customers to make luxury purchases in total security .”
According to Haudenschild, provenance tracing is one of the oldest use cases for blockchain, but using authentication NFTs provides a “direct path to your consumers like brands and manufacturers have never had before.” Citing watchmaker Omega as an example, he explained that if Omega had a customer database of all owners of its watches, even those who bought through the secondary market, it could offer them free tickets to the next James Bond film.
According to ORIGYN, the Swiss watch industry alone loses 2 billion dollars a year to counterfeiting, and over 40 million counterfeit luxury watches are produced and sold every year. More than 37% of luxury consumers in France bought a counterfeit product without knowing it.
Haudenschild said many potential buyers are afraid of being duped and are weary of the used market. He added that this leads to an illiquid market in addition to declining customer loyalty and lower brand equity.
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Recently, ORIGYN has partnered with the Union of European Football Associations or UEFA Foundation for Children on an “NFTs for Good” initiative for historical collectibles and will be premiering on ORIGYN’s upcoming NFT marketplace Impossible Things.
https://cointelegraph.com/news/internet-computer-s-origyn-is-watching-the-watches-using-nft-authentication Internet Computer’s ORIGYN monitors clocks using NFT authentication