In a unique initiative, the data related to the luxury watch prices will soon be available on the blockchain networks. The Chainlink node will be launched by WatchSignals, a well-known name in the luxury watch industry, providing market research services to clients. The move will help open up a new ecosystem where developers can build a range of new financial products, including tokenizing the luxury watches and using them as collateral for the loan.
With this new collaboration, luxury watches can be purchased and monetized directly on blockchains. The digitally encrypted certificate and cryptographic data also guarantee users that the watch is authentic and has come from the house of WatchSignals. The aim is to expand the digital assets ecosystem by providing data for new tokenized products.
Just like other luxury items such as vintage cars, people invest heavily in luxury watches as their value tends to increase over time. However, authenticity has always remained a question mark for the digital space as determining the fair price is a complex task. Authentic benchmarks to which prices can be compared are significantly less. However, at least in the luxury watches space, this problem will soon over as data will be available on the blockchains for monetizing and benchmarking purposes.
Zapevo is the name behind the WatchSignals service, and it’s a credible platform that provides information and data related to luxury goods and services. It sources data from across the globe and uses artificial intelligence and machine learning to come up with fair prices related to luxury items. In addition to the data, the platforms also provide important information like the serial number on the item, certificate of authenticity, and collector database. The advanced tools used by WatchSignals also empower the clients with reliable and authentic benchmarks for pricing the digital assets.