Editor’s Note
As digital integration reshapes concepts of ownership, the luxury sector is pioneering new frontiers. This article explores how high-value industries like jewelry are creating unique digital assets to complement physical products, offering a glimpse into the evolving relationship between tangible goods and their virtual counterparts.
With the rapid development of digital technology, our daily lives have become deeply integrated with the digital world. Naturally, the way we “own” a product is no longer limited to possessing the physical item itself. Simultaneously owning a uniquely marked “digital version” of a product in the digital world is becoming a new norm. Riding this wave, the inherently high-value jewelry and watch industry is also turning its gaze to the next digital era, launching various forms of “digital versions” like NFTs (Non-Fungible Tokens), redefining what it means to “own” a piece of jewelry or a watch.
2022 can be considered a year of significant acceleration for the jewelry and watch industry in embracing new digital technologies. At the Watches and Wonders fair held in April that year, digital creative content was showcased for the first time in the “LAB space,” highlighting new synergies between watch products and “Non-Fungible Tokens (NFTs) and the metaverse.” At the same fair, Bulgari launched its first watch featuring a “QR code,” akin to a passport to the digital world, opening a brand new door.
More remarkably, this ultra-thin watch, which pushes the boundaries of concept, also features a QR code engraved on the barrel, granting the owner exclusive access to a dedicated digital world. Each watch also comes with a separate NFT certificate to guarantee authenticity.
This digital asset will unlock exclusive content directly related to the Panerai Experience Edition watch. The inaugural event was the Eilean sailing experience along the Amalfi Coast in June, inviting consumers to sail the Mediterranean on the historic Eilean yacht.
Similarly, Hublot announced earlier this year that it would release two NFT digital artworks for two previously launched artist collaboration watches, which were exhibited at the Watches and Wonders fair. In 2021, Hublot collaborated with renowned Japanese artist Takashi Murakami to launch two watches featuring his iconic smiling sunflower motif on the dial, which sold out within days. Now, owners of these limited-edition watches can apply within a limited time for a chance to receive a free NFT artwork via a digital wallet. Additionally, Hublot opened a page on a decentralized NFT marketplace in May for watch owners to trade their NFTs.
To make the concept of the digital world more tangible, IWC Schaffhausen collaborated with renowned architect Hani Rashid and the web3 solutions platform Arianee to create the IWC Diamond Hand Club, building a realistic 3D world. Reportedly, IWC will initially release 1,868 membership NFT tokens, paying homage to the brand’s founding year, 1868. The tokens will be distributed primarily to customers, watch enthusiasts, and brand fans on a first-come, first-served basis. After the release, customers purchasing new IWC Pilot’s Watches in colored ceramic will also receive an NFT.
As a unique digital product, NFTs linked to precious collectibles naturally become digital certificates for these items, emerging as new favorites in auction houses. At Sotheby’s Spring 2022 auction in the “Magnificent Jewels”专场, a pair of gold earrings named “Autumn Sun” became one of the first jewelry lots to experiment with NFTs. Inspired by Vincent van Gogh’s 1889 painting “Wheatfield with a Reaper,” the earrings came with an NFT version and a certificate of authenticity from the Kröller-Müller Museum.
This year, over a hundred design sketches hand-drawn by the legendary watch design master Gérald Genta were also brought to auction by Sotheby’s, accompanied by NFT certification.
In fact, prior to this, Sotheby’s had already applied NFT technology to watch-related artworks. This year marks the 50th anniversary of the Audemars Piguet Royal Oak, and over a hundred design sketches hand-drawn by the mastermind behind this legendary watch, Gérald Genta, were put up for auction by Sotheby’s this year. Unlike before, these master sketches will come with NFT certification.
Under such close connections, jewelry, watches, and their “digital versions” become two sides of a new concept, serving as proof of collection across different domains. This year, Bulgari launched the Eden The Garden of Wonders high jewelry collection, and under the name “Beyond Wonder,” introduced two Bulgari NFT high jewelry pieces. Collectors of the Magnifica high jewelry “Ruby Metamorphosis” necklace and the Eden The Garden of Wonders “Emerald Glory” necklace can additionally receive corresponding NFT versions of the jewelry, serving as digital collection certificates.
The digital media属性 of NFTs also facilitates the creation of “digital peripherals” for jewelry and watches themselves. In late 2021, renowned gemstone supplier Gemfields successfully auctioned a high-quality emerald—the Chipembele Rhino Emerald. Subsequently, Gemfields seized this opportunity to launch the Chipembele Crash NFT series of rhino virtual avatars, auctioned for sale on OpenSea, the world’s largest NFT marketplace. While the exact value of such digital peripherals is hard to assess, Gemfields似乎 also aims not for profit; the proceeds from these NFT auctions will be donated to the North Luangwa Conservation Project to fund conservation plans for endangered wild black rhinos.
So far, whether jewelry brands, watch brands, or auction houses, all are actively exploring next-generation digital technologies. The unique特性 of NFTs has endowed these NFT products with multiple identities: passes, collection certificates,附加赠品, or even promotional gimmicks. In the future, with the普及 of technology, we can expect more surprising sparks to fly between digital products like NFTs and the world of jewelry and watches.