This sought-after six-figure sports watch is the latest commodity to be sold as a non-fungible token.
Watch aficionados who dream of adding a rare Patek Philippe Nautilus to their collection now have the chance own a piece of the pricy timepiece in digital non-fungible token form.
NFT marketplace SM-ART is selling the first-ever Patek Philippe NFT based on the discontinued watch model—an accessory coveted for both its status as a classic luxury stainless steel sports watch and a connection to dapper A-listers like Jay-Z, Jason Statham and Brad Pitt.
According to Robb Report, there are two components to the sale. The actual NFT features a video evolution of the Nautilus from legendary designer Gerald Genta’s first design sketch on a napkin to the debut in 1976 and curtain call in 2006.
After the auction, the physical watch will then be fractionalized as a non-fungible asset, allowing registered SM-ART users to buy and trade shares.
“The NFT of the Patek Philippe ‘Nautilus’ is as groundbreaking and unconventional as the watch was in its time and we wanted to pay homage to that,” says Danny Sangha, co-founder of SM-ART in a statement.
“We were very cognizant of the craftsmanship that went into it and have taken the same care with the NFT development. While there are very brief sneak peeks of the NFT on our website, the full NFT won’t be revealed until the day of auction.”
Owning an NFT version of the Nautilus clearly isn’t as desirable as having a real one stowed in your valet box. But the Nautilus’ value has skyrocketed in value on the aftermarket in the past few years, making collectors less likely to part ways when they acquire one.
As Maxim previously reported, prices for one of the last Nautlius models—ref. 5711—surged from $40,000 in 2017 to $80,000 in 2019.
As for the SM-ART Patek Philippe Nautilus auction, it kicks off on November 18 at 12 p.m. EST and runs for 72 hours. Click here to learn more.