Italian luxury watch manufacturer Panerai has announced its plans to incorporate an NFT-based “digital passport” with every watch sold after October 3. The Panerai digital passport is designed to serve as a detailed record of each timepiece, establishing its digital identity and providing proof of authenticity at the time of purchase.
To implement this blockchain-powered digital passport, Panerai has partnered with Arianee, a Web3 solutions provider. The luxury brand will unveil this initiative at the upcoming Watches and Wonders fair in Shanghai.
Documentation and Transferability
The digital passport is transferable, allowing it to be passed on to subsequent owners. It documents the watch’s technical specifications and provides a comprehensive account of its journey throughout its lifespan.
“Panerai’s NFT passport offers an additional advantage to holders by extending the international limited warranty of their watch for up to eight years, incentivizing registration,”
– Panerai spokesperson
With this feature, Panerai aims to offer further value-added services and advantages to its clientele.
Expansion of Digital Passport Functionality
Panerai initially integrated Arianee’s technology in March 2022 for a limited edition of its Radiomir Eilean Experience watch. This exclusive release included a one-of-a-kind NFT artwork and showcased evolving content, with the digital passport contributing to the artistic and experiential aspect of the offering. Building on this success, Panerai plans to expand the functionality of the digital passport to all of its watches.
“Committed to elevating the client experience, we continually adapt and innovate to align with the changing times,”
– Jean Marc Pontroué, CEO of Panerai
To claim their digital passports, watch owners can do so either at the time of purchase from Panerai boutiques or by scanning a QR code on the warranty card.
Arianee, known for its collaboration with various luxury watch brands, including Breitling, is an established player in the luxury watch industry. Their digital IDs have been in use since 2020. The company also works with renowned brands such as L’Oreal, Moncler, Lacoste, and the Richemont Group.
Panerai’s introduction of the NFT-based digital passport aligns with the growing trend among luxury brands to leverage blockchain technology to ensure product authenticity. For instance, the Prada Group, parent company of Miu Miu, has partnered with the Aura Blockchain Consortium to provide blockchain services that enable customers to verify the authenticity of their purchased products. Through embedded NFC chips and a digital certificate of authenticity, customers can easily confirm the origin and legitimacy of their luxury items. This move toward greater transparency resonates with the Web3 outlook in the luxury industry, reflecting a commitment to adapting to evolving customer needs and enhancing their overall experience.
