An NFT certificate to fight fencing and counterfeiting..
By creating the NFT-Certificate for your watch on the blockchain, Kronos 360 offers an innovative solution to fight counterfeit and stolen goods. How does it work?
The NFT or Non-Fongible Token is a digital token backed by a blockchain. As opposed to cryptocurrencies, NFT is not fungible, meaning that it is not exchangeable for another NFT but only for a means of payment (currency or cryptocurrency). The first token approaching the NFT dates from 2012 with a derivative of Bitcoin, called Colored Coin, to which the miners granted values or information other than monetary. This led to the creation of the first NFT in 2017 through the implementation of the ERC-721 standard on the Ethereum blockchain. Since then the NFT has become a real certification tool for art and valuables.
The blockchain guarantees the traceability of the watch..
Therefore an NFT certificate is an encrypted digital file registered on a blockchain, containing tamper-resistant information and granting a unique proprietary right. The NFT can authenticate both a physical asset (works of art, luxury watches, exceptional wines, vintage cars, etc.) and a digital asset. With regard to physical assets, the NFT makes it possible to keep all the expertise data (photos, references, configuration, serial number, etc.), the history of the maintenance book and thus to act as title. This traceability certifies the authenticity of the object thanks to the decentralized ecosystem of the Ethereum blockchain that makes the NFT tamper-proof.
How does it works?
For each watch sold on kronos360.com, a thorough expertise is systematically carried out by the platform’s watchmaking workshop. This expertise based on 10 strategic control points includes checking the conformity of the movement, the operation of the mechanism (advance-delay, sealing, etc.) and reconditioning if necessary (polishing, strapping, case, etc.).
At the end of this professional expertise, an NFT certificate is issued and can be consulted freely on the blockchain. This unique and tamper-proof NFT allows any new purchaser of the object to freely access the contents of the expertise by tagging the Kronos 360 authenticity card. This card is equipped with an NFC tag readable with a smartphone, which redirects directly to the address of the token (token) that is associated with the watch on the blockchain.
At Kronos 360 we have decided to combat the scourge of counterfeit luxury watches through innovation. The numbers make you dizzy. According to the Swiss Watch Federation (FHH), more than 40 million fake watches are distributed each year, compared to an annual production of 30 million genuine watches. In addition, it is estimated that 1 in 3 Rolex in circulation is counterfeit. Therefore, verifying the authenticity of a luxury watch is an indispensable step before any acquisition.
With its NFT certificate, Kronos 360 brings an innovative response to this global scourge by giving even more transparency to the second-hand watch market. Join the movement by creating the title of your watch on the blockchain with the NFT-certificate Kronos 360.