The emergence of cryptocurrencies, blockchain technology and NFTs essentially heralds the arrival of Web3, reshaping how businesses partner and interact with their clients. At the basic level, NFT watches exist purely as digitally rendered substitutes for the real thing, thus providing bragging rights to collectors.
For innovative watchmakers who may wish to take things further, these NFTs can act as a vehicle to resuscitate hype around ultra-rare collectibles that are otherwise unattainable. This in turn creates immersive storytelling experiences, serving as wearables in the metaverse and unlocking exclusive perks for users and providing them with premium access to events.
Inherently, market players are expected to drive the smartwatch market size due to increased demand for wireless devices and technological advancements in smartwatches. This causes a ripple effect and rises the demand for connected ecosystems and fuel the global smartwatch market growth. These tremendous cost increment are often tied with variables such as unjustifiable package bargains in authorized dealerships, lengthy waiting lists, grey market merchants, as well as the Covid-19 widespread impact, where unspent monies are spent on extravagant resources and luxury assets like luxury watches.
Singapore based NFT watch maker Chronoface, aims to solve the above problems by creating exclusive digital watches with luxurious designs comparable to the physical watch market, if not superior to that of a physical watch.
Chronoface’s products revolve around the concept of non-fungibility or digital scarcity. In addition to being easy to purchase online, their prices are transparent – providing a true evaluation of their value.
To serve the different markets, the team developed a wide collection of face designs and works with various brands and artists. Currently, Chronoface offers limited edition collectible smartwatch faces to the rapidly growing smartwatch market.
The Chronoface NFT application will be available on Android and iOS devices, allowing users to pair their NFT faces with almost any smartwatch. Each watch face is unique and can only be owned by one person.
In their development plans for NFT smartwatch users, Chronoface also suggested a global marketplace for NFT smartwatch users to buy, sell, and trade content anywhere in the world. In the future, it is also expected that their NFT will be used in the metaverse, allowing users to wear their watches and explore Chronoface’s storefront in their avatars.