Earlier in March, Florentine watch manufacturer Panerai announced its entry into Web3. The watchmaker has partnered with the leading NFT platform Arianee to improve the consumer journey in the digital world. The latest luxury watch to accompany Panerai’s new venture is the Radiomir Eilean Experience Edition. In total, only 50 pieces are available, and collectors who wish to purchase this limited edition model will also benefit from a yacht trip along the Amalfi Coast and a unique matching NFT.
The luxury watch industry has followed the development surrounding Web3 and its associated assets like the Metaverse and NFTs. Anxious to deepen relationships with its customers, several watch brands have initiated new projects to improve the overall experiential experience. For Panerai, the use of NFT allows buyers to own a one-of-a-kind work of art produced exclusively for the Radiomir Eilean Experience edition. This set of 50 NFT Genesis was designed by Skygolpe, a widely acclaimed multidisciplinary Italian artist.
“The 50 NFT Genesis offers exclusive content on the details of the Radiomir Eilean Experience Edition watch, combined with a sailing trip along the Amalfi Coast aboard the Eilean,” the brand said. After the sailing trip in June, Genesis NFT owners will also have priority access to future Panerai initiatives like new product launches, events and special services. Panerai describes NFTs as having a “digital passport” that connects its customers to the brand.
Speaking about the brand’s entry into the NFT category, CEO Jean-Marc Pontroué said: “Panerai has a fearless vision. The brand is always committed to staying at the forefront of new technologies in our manufacturing and beyond. We will always pursue any medium or technology that will allow us to provide a more enriched experience for our customers. They have deep and eclectic interests, and I know they will be thrilled to collect the works of one of the world’s most avant-garde artists. The fact that it is an NFT that extends additional benefits and services only adds to its appeal.
Integrating blockchain technology to enhance a consumer’s experience has become a familiar sight in the luxury industry. Biggest is the fashion industry where she even held her own Metaverse Fashion Week. Even heavyweights like the yachting industry have also introduced cryptocurrency as a form of payment, and it won’t be long before they start issuing their own NFTs to their customers.
The watch industry has traditionally been known to be enjoyed by the older generation, and the decision to include new experiences like launching into the metaverse or releasing NFTs is a sign that the brands are appealing to the younger generation. This new group of spenders are passionate about digital experiences such as interacting with brands in the virtual world or collecting digital art. In addition, Panerai goes one step further and merges the new digital journey with the physical world like sailing trip and records it on the individual Genesis NFTs.
Without a doubt, Panerai has set the bar high for what it is to merge the virtual world with the real world and its success will be the model for other brands to follow. Watch collectors are definitely in for a treat when more brands follow suit.
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