Panerai’s Foray into Web3 Marks A New Era for Watch Brands
Enriching a consumer’s experience is paramount and Panerai does so by merging the virtual with the digital.
Earlier in March, Florence-based watch manufacture Panerai announced its entrance into Web3. The watchmaker has partnered with leading NFT platform Arianee to enhance consumers’ journey in the digital world. The latest luxe timepiece to accompany Panerai’s new venture is the Radiomir Eilean Experience Edition. A total of only 50 pieces are available, and collectors looking to buy this limited edition model will also get a yacht trip along the Amalfi Coast and a unique corresponding NFT.
The luxury watch industry has been keeping up with the development surrounding Web3 and its associated assets like the metaverse and NFTs. Intending to deepen relationships with its clients, several watch brands have initiated new projects to improve the overall experiential experience. For Panerai, using NFT allows buyers to own a one-of-a-kind artwork produced exclusively for the Radiomir Eilean Experience Edition. This set of 50 Genesis NFTs was designed by Skygolpe, a widely acclaimed multidisciplinary Italian artist.
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“The 50 Genesis NFTs offer exclusive content regarding details of the Radiomir Eilean Experience Edition watch, combined with a sailing journey along the Amalfi Coast aboard the Eilean,” said the brand. After the sailing trip in June, owners of the Genesis NFTs will also get priority access to Panerai’s future initiatives like new product launches, events and special services. Panerai describes the NFTs as owning a “digital passport” that connects its clients to the brand.
Speaking about the brand’s entry into the NFT category, CEO Jean-Marc Pontroué said, “Panerai has a fearless outlook. The brand is always committed to remaining at the forefront of new technology in our manufacture and beyond. We will always pursue every medium or technology that will allow us to deliver a more enriched experience to our clients. They have deep, eclectic interests, and I know they will be excited about collecting artwork from one of the world’s most forward-thinking artists. The fact that it is an NFT that extends additional benefits and services only adds to its appeal.”
Incorporating blockchain technology to elevate a consumer’s experience has become a familiar sight within the luxury sector. The most prominent is the fashion industry where it even held its own Metaverse Fashion Week. Even heavyweights like the yachting industry have also introduced cryptocurrency as a form of payment, and it won’t be long before it starts releasing its own NFTs to clients.
The watch industry has traditionally been known to be enjoyed by the older generation, and the move to include novel experiences like launching into the metaverse or releasing NFTs is a sign of brands appealing to the younger generation. This new group of spenders are big on digital experiences like interacting with brands in the virtual world or collecting digital art. Furthermore, Panerai takes a step further and merges the newfound digital journey with the physical world like the sailing trip and recording it on the individual Genesis NFTs.
No doubt, Panerai has set the bar for what it is like to meld the virtual world with the real world and its success will be the blueprint for other brands to follow. Watch collectors are definitely in for a treat when more brands follow suit.
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