WISeKey NFT Technology Helps Brands Hit Their Luxury Watches on the Metaverse | 2022-04-04 | Press Releases
WISeKey NFT Jechnology Helping brands hit their luxury watches on the metaverse
Click here to view WISeKey’s Special edition Watches & Wonders
The merger between NFTs and the metaverse continues to take shape, attracting investors and creating new ways to own luxury assets.
Geneva, Switzerland – April 4, 2022 – WISeKey International Holding Ltd (SIX: WIHN, NASDAQ: WKEY), a Swiss cybersecurity, IoT and AI platform company, today announced that it is supporting the brands of luxury’ NFT efforts are considered unique digital assets, immaculately recorded on a blockchain, which can be bought and sold like any other product or commodity.
The technology also allows brands to acquire NFTs of digital representations of watches without needing to acquire physics, as millennial consumers freely admit that they prefer a metaverse watch over a physical mechanical watch. The high demand for luxury metaverse is expected to grow. Morgan Stanley predicts that a virtual luxury goods market will reach $50 billion by 2030.
This development comes a year after the successful launch of two world firsts on which WISeKey auctioned the NFT of the digital twin of a physical watch, the Hublot Bigger Bang All Black Tourbillon Chronograph Special Piece by Jean-Claude Biver, and simultaneously the Jacob & Co NFT a 3D animation produced by the brand and inspired by its Epic SF24 travel watch with two additional features to make it a bespoke digital creation, a tourbillon and a split flap system displaying the names of 10 cryptocurrencies. See the New York Times article here: https://www.nytimes.com/2021/04/12/fashion/watches-nft-auction-jean-claude-biver.html.
A WISeKey NFT is a unit of data on the blockchain, where each NFT represents a unique digital item, such as a work of art, sound, video, video game item, or other forms of creative work. While the digital files themselves are endlessly reproducible, the NFTs that represent them are traced to their underlying blockchains and provide buyers with proof of ownership. Blockchains such as Ethereum, Bitcoin Cash, and Flow each have their own token standards to define their use of NFTs.
WISeKey, the first company in the world to use two-factor authentication combined with blockchain technology to secure luxury mechanical watches, which currently protects over 2.5 million luxury watches. Since 2010, WISeKey has worked with luxury watch manufacturers deploying this unique technology to integrate semiconductor tags powered by its VaultIC154 NFC secure element and provide brands with the ability to:
- issue a storage device comprising a digital certificate of authenticity
- check, if necessary, the validity of the digital certificate of authenticity
- modify, if necessary, the validity status of the digital certificate of authenticity.
- Dematerialization and creation of a Digital Twin with its correspondent No–fungible token
These tags, when placed on any product and operated by an NFC phone, securely authenticate and track the product like an embedded electronic passport and confirm the product’s identity on the blockchain ledger. This technology has received a patent in the USA http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=8&f=G&l=50&co1=AND&d=PTXT&s1=wisekey&OS=wisekey&RS=wisekey
Additionally, WISeKey’s technology creates Watch Birth Certificates, digital identities that are analogous to birth certificates and can be converted into NFTs. The watch’s birth certificate is signed or “certified” by a trusted authority and contains basic information such as date and time of manufacture (birth), company (parents), and product type. digital identity, used throughout the life of the watch, allows the watch to become an Internet “Trusted Object”, proving its identity and providing verifiable data.
The Watch Birth Certificate is based on a public-private cryptographic key pair unique to each IoT device. The public key of this key pair is part of the certificate and can be distributed freely, while the private key is used whenever the IoT device needs to verify its identity or sign data to ensure cryptographic integrity. It is the private key that represents the essence of the identity of the IoT device.
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large-scale digital identity ecosystems for people and things using Blockchain, AI and the IoT by respecting the human being as the pivot of the Internet. WISeKey microprocessors secure the pervasive computing that shapes today’s Internet of Everything. WISeKey IoT has an installed base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, phones laptops, cryptographic tokens, etc.). WISeKey is uniquely positioned to be at the forefront of IoT, as our semiconductors produce an enormous amount of Big Data which, when analyzed with artificial intelligence (AI), can help industrial applications predict failure of their equipment before it occurs.
Our technology is approved by OISTE/WISeKey’ the Swiss-based cryptographic root of trust (“RoT”) provides secure authentication and identification, in physical and virtual environments, for the Internet of Things, blockchain and internet. artificial intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions between objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Tel: +41 22 594 3000
WISeKey Investor Relations (USA)
Contact: Lena Cati
Equity Group Inc.
Tel: +1 212 836-9611
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