To rid the wristwatch market of counterfeit products, ORIGYN will resort to the use of blockchain and biometric technologies. The company’s initiative was not without the NFT.
NFTs fight fakes
The Swiss ORIGYN Foundation, which is engaged in the identification and authentication of valuable items and goods using artificial intelligence, is creating a joint project with the world’s leading platform for buying, selling, and trading of pre-owned luxury watches WatchBox. Working together, companies aim to build an NFT-based system of watches authentication, which will provide each item with a non-fungible digital certificate.
ORIGYN project runs on the Internet Computer (IC) public blockchain, developed by the DFINITY Foundation. The IC is a new, decentralized global compute platform that is used to create, manage, and transmit digital twins. The protocol is tamper-proof and effectively scalable due to advanced cryptography and decentralized technologies.
Now when buying fancy pre-owned watches on the WatchBox marketplace, customers can be sure of their authenticity. ORIGYN will be minting an NFT, which will act as a certificate with unique biometric data of each piece. With the help of such technology, it is possible to exchange digital ownership rights for expensive goods.
In the summer of 2022, those who purchase watches through WatchBox will have a unique opportunity to become an owner of a digital non-fungible product that opens access to customers’ insurance, digital provenance, concierge service, and some exclusive experiences.
Market security solution
According to Daniel Haudenschild, chief executive officer of ORIGYN Enterprise, the secondary market of luxury watches is actively growing and in 2025 may reach a turnover of $ 32 billion. In such conditions, a solution that makes trading on a market faster and safer for both a customer and a seller will play an important role.
“By combining blockchain, unique luxury goods biometrics technology and our utility NFTs, we aim to authenticate luxury goods and ensure their ‘unfalsifiability’ traceability throughout their use, from sale to second hand, and allow customers to make luxury purchases in complete security.” – Haudenschild explains the essence of the project.
The absence of reliable confirmation of the quality of products in this kind of market reduces the liquidity of the goods. Potential buyers are often afraid of purchases of pre-owned goods, and fakes lead to a decrease in the authority of the original brand of the manufacturer.
Haudenschild also said that authentication NFTs provide a “direct route to your consumer in a way that brands and manufacturers have never had before.”
According to ORIGYN, the Swiss watch market alone loses $2 billion per year due to counterfeits, with over 40 million counterfeit luxury timepieces created and sold annually. In France, more than 37% of luxury end-consumers have unknowingly purchased a counterfeit product.