"Cryptocurrencies and blockchain technology are the future, which Chronoswiss is also actively following and supporting. That is why we are proud to use blockchain as a marketing tool and a means of certifying our timepieces."
Swiss watch manufacturer Chronoswiss has announced an exclusive cryptocurrency-inspired luxury collection that will be "immortalized on the blockchain."
There are five available designs that are named for the coin that prompted their creation: Bitcoin, NEM, Ethereum, Zaif, and COMSA. These designs are limited edition, with the company deciding to produce only 101 pieces of every design. Owner and CEO of Chronoswiss Switzerland, Oliver Ebstein, stated, "With this homage to cryptocurrencies, Chronoswiss is combining the roots of traditional watchmaking expertise with the digital revolution of the new global currencies. It is thus more than natural to be curious and open minded about the future."
Ebstein further clarified:
Tech Bureau Europe SA is responsible for the blockchain tech. Through their web app, LuxTag, buyers will be able to able to prove ownership through the watch’s serial number and that will be on the blockchain along with the warranty period. Luxtag uses the NEM blockchain platform to ensure no situations of counterfeit goods or theft.
The watch manufacturing industry definitely understands that the digital world is moving forward with blockchain at the forefront. Earlier this month, Bloomberg reported that LVMH-owned watch manufacturer Hublot came out with a watch to be purchased solely in Bitcoin. However, some find these watches gimmicky and unnecessary. In an article published by Gizmodo, the writer calls out the company for selling a watch at an absurd price of $25k, but when compared to a smartwatch does nothing. She went on stating that, "What Hublot delivers is essentially a time-challenged Bitcoin fanboy’s wet dream."