The luxury watchmaking brand, Patek Philippe unveiled its first-ever NFT of a rare and now discontinued Nautilus timepiece. Created by a private owner of the watch in the Middle East, the NFT will be auctioned off on the SM-ART platform over a 3-day period from mid-November. The SM-ART is a non-fungible token (NFT) and non-fungible asset (NFA) platform that preserves and curates fine art masterpieces, objets d’art and high-value collectibles through the new medium of NFTs and NFAs.
The NFT of Patek Philippe Nautilus timepiece is a rare opportunity for members of the public to invest in a piece of history. The Nautilus 5711/1A-010 is a rare watch that continues to grow in value and demand. First launched in 1976, it was revolutionary for its innovative construction. It was made from a stainless steel – that was completely unusual for a luxury watch. The octagonal bezel with rounded corners departed from traditional designs. Its case was inspired by a ship’s porthole.
When we were approached by the owner to help him create an NFT for his Nautilus watch, we jumped at the opportunity. Our entire mission for this platform is to bring fine art, rare collectibles and objets d’art back into the world again. So many beautiful pieces sit in vaults hidden away from pubic view – never seen and never appreciated. We wanted to discover a way to breathe life back into these works of art through a new medium. NFT’s are a way to do that, a way for people to be able to enjoy and own these pieces through a digital construct. – Danny Sangha, co-founder of SM-ART
Following the completion of the NFT auction, the physical Nautilus watch will be fractionalized through a non-fungible asset (NFA), where members of the public who are registered on the SM-ART platform can acquire shares of the actual timepiece and trade those shares, as the value of the timepiece continues to increase through demand.