You can now own a luxury Swiss watch and its NFT equivalent.
Legacy watchmaker Paul Dupuis is hoping to revitalize their brand by embracing the metaverse. While not a big player in the luxury watch market, the company believes they can curve themselves a niche in the metaverse before the big boys arrive.
In its first collection, the brand, which is now made in Britain, will venture into NFTs.
The collection will have 5,555 randomly generated luxury watch NFTs, which will be based on 2 watch models.
They will have a range of custom traits, from color schemes to materials, dial finishes, straps and other individual components. The two models have reportedly taken over 3 years to develop.
After the mint, those who hold the NFTs for a set duration will have an opportunity to claim a real-world, luxury, physical equivalent.
A lucky holder of a 1/1 gold piece can claim the physical equivalent, with real gold and diamonds.
In addition to this physical watch, holders of the NFT will become members of the watch collective, with exclusive access a future Paul Dupuis metaverse, real-life events including watch launches, yacht parties etc.
This is just one of the latest moves to bring utility to Web3 and the metaverse.