Organization set to launch vintage watch collection in NFT form
New Old Stock (NOS), a Hong-Kong based organization, is set to launch its first vintage watch collection in NFT (non-fungible token) form this February.
An NFT is a digital asset that represents real-world objects. NOS wants to recreate the familiar vintage features and watch designs for people who have always aspired to own a real one, a spokesperson told BusinessWorld.
“As this is also generative, there will be new color- and vintage-inspired combos that have never been seen in real life,” Angus Cheng, one of the founding members of NOS, said. Mr. Cheng is involved in software development and was a senior developer at blockchain software company, Block.one. “NOS-NFT watches are vintage-inspired (Rolex, Patek Philippe, Audemars Piguet, Cartier, Tudor, etc.) and not copies.”
The term “new-old-stock” is used by vintage collectors to describe old pieces that have never been worn. NOS – which is not affiliated, authorized, or connected with the aforementioned brands nor any of their subsidiaries – plans to feature 3,888 unique designs in its NFT collection. It has tapped Quinton Ng, co-founder of the vintage watch retailer Antiqclockwise and specialist at Berne Horology, as the primary vintage watch advisor for this project.
Berne Horology is a family run business from Hong Kong with a focus on vintage watches and antiques.
“We believe that the NFT and Metaverse verticals will be the next big phase in consumer technology,” Mr. Ng said in a press statement. “Through NOS, we provide the gateway for watch enthusiasts to bring their favorite pieces from the real world to the metaverse.”
NOS is offering presale contests and real watch giveaways at its Discord and Twitter accounts. It will set up a DAO (or a decentralized autonomous organization made up of buyers and owners of the first NFT series) following the February launch to invest and purchase real-life watches at public auctions and private sale events.
“We plan to use a percentage of our sales from the inaugural NFT drop to invest in and purchase [these] genuine vintage watches,” said Mr. Cheng in a press statement.
The community owning the DAO will vote on all its actions, as well as have fractional ownership of the real-world watches.
No definite date on the NFT drop has been given as of press time.
“NOS is trying to perfect the artworks and backend development to make sure everything goes through smoothly,” Mr. Cheng said in an e-mail.
The digital assets market is fast growing and has attracted many global players – including the likes of international auction house Sotheby’s, which is pairing a unique NFT to each of the watch designs in its “Gerald Genta: Icon of Time” sale. – Patricia Mirasol
