History

In 2004, the world witnessed the sale of an ‘authenticated’ air guitar on e-bay for $5.50, marketed as “a prized possession from the 80s”. We all laughed at the asinine transaction; however, the gentleman had his finger on the pulse about the future of commerce. For the well-versed technophiles, cryptocurrency and NFTs are old news; still, for those of us late adopters trying to comprehend our inevitable ascent into the metaverse, the concept can seem indecipherable.

Now that cryptocurrencies have become somewhat mainstream, NFTs (non-fungible tokens) have been heralded as the new investment on the crypto-block since 2020. Often likened to skins in video games where players can individualize their online personas, NFT art is meant to decorate your proverbial walls in a simulated world, a future where luxuries live on blockchains with no physical exchange of hands.

The benefit of NFTs, unlike other cryptocurrencies, is that it is non-fungible making them unique and verifying its authenticity. It cannot be exchanged or substituted for other crypto-assets, just like one cannot substitute the original Mona Lisa. Instrumental for digital creators, NFTs exist as a string of letters and numbers saved in a blockchain ledger containing information such as the original creator, the buyer, and the time of sale. Consequently, terms can be set for NFTS where the digital artist receives a percentage upon each resale.

While only the surface has been scratched, NFTs have been fetching figures in the millions at auction houses, drawing the attention of the watch industry. In a world where the internet connection is the limit, here are ways horology is forging its niche in the crypto-sphere