WISeKey NFT
Technology Helping Brands Mint their
Luxury Watches on the Metaverse
Click here to view WISeKey’s
Special Edition Watches &
Wonders
The merger between NFTs and metaverse
continues to take shape, attracting investors and creating new ways
to own luxury assets.
Geneva, Switzerland – April 4, 2022 – WISeKey International
Holding Ltd (SIX: WIHN, NASDAQ: WKEY), a Swiss based cyber
security, IoT, AI platform company, today announced that it is
supporting luxury brands’ efforts to NFT their watched as unique,
digital assets, unalterably registered on a blockchain, that can be
bought and sold like any other product or commodity.
The technology also allows brands to acquire NFTs of digital
representations of watches without the need to acquire the physical
one as millennial consumer freely admit that they prefer a
metaverse watch versus a physical mechanical watch. Strong demand
for luxury metaverse is expected to grow. Morgan Stanley is
predicting a virtual luxury goods market would be worth $50 billion
by 2030.
This development comes a year after the successful launch of two
world premieres on which WISeKey auctioned the NFT of the digital
twin of a physical watch, the Hublot Bigger Bang All Black
Tourbillon Chronograph Special Piece by Jean-Claude Biver, and
simultaneously the Jacob & Co NFT a 3-D animation produced by
the brand and inspired by its Epic SF24 travel watch with two added
features to make it a bespoke digital creation, a tourbillon and a
split-flap system displaying the names of 10 cryptocurrencies. See
New York Times article
here: https://www.nytimes.com/2021/04/12/fashion/watches-nft-auction-jean-claude-biver.html.
A WISeKey NFT is a unit of data on the blockchain,
where each NFT represents a unique digital item, such as an
artwork, audio, video, an item in video games or other forms of
creative work. While digital files themselves are infinitely
reproducible, NFTs representing them are traced on their underlying
blockchains and provide buyers with proof of ownership.
Blockchains such as Ethereum, Bitcoin Cash and
Flow, each have their own token standards to define their use of
NFTs.
WISeKey, the first company in the world to use dual factor
authentication combined with blockchain technology to secure luxury
mechanical watches, that currently protects over 2.5 million luxury
watches. Since 2010, WISeKey has collaborated with manufactures of
luxury watches deploying this unique technology to integrate
semiconductors tags powered with its VaultIC154 NFC secure element
and provide brands with the ability of:
- issuing a storage device comprising
of a digital certificate of authenticity
- checking, when required, the
validity of the digital certificate of authenticity
- modifying, when required, the status
of validity of the digital certificate of authenticity.
- Dematerialization and creation of a
Digital Twin with its corresponded Non-Fungible Token
These tags, when placed on any product and tapped by an NFC
phone, securely authenticate, and track the product much like an
embedded ePassport and confirm the identity of the product on the
blockchain ledger. This technology has received a patent in the
USA http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=8&f=G&l=50&co1=AND&d=PTXT&s1=wisekey&OS=wisekey&RS=wisekey
Furthermore, WISeKey’s technology creates Watch Birth
Certificates, digital identities which are analogous to birth
certificates and can be converted into NFTs. The Watch Birth
Certificate is signed, or “certified” by a trusted authority and
contains basic information such as date & time of manufacture
(birth), company (parents), and type of product. This digital
identity, used throughout the watch lifetime, allows the watch to
become a “Trusted Object” of the Internet, prove its identity and
provide verifiable data.
The Watch Birth Certificate is based on a cryptographic
public-private key pair that is unique to each IoT device.
The public key for this key pair is part of the certificate
and can be freely distributed, while the private key is used
whenever the IoT device needs to verify its identity or to sign
data to ensure cryptographic integrity. It is the private key that
represents the essence of the identity of the IoT device.
About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading
global cybersecurity company currently deploying large scale
digital identity ecosystems for people and objects using
Blockchain, AI and IoT respecting the Human as the Fulcrum of the
Internet. WISeKey microprocessors secure the pervasive computing
shaping today’s Internet of Everything. WISeKey IoT has an install
base of over 1.6 billion microchips in virtually all IoT sectors
(connected cars, smart cities, drones, agricultural sensors,
anti-counterfeiting, smart lighting, servers, computers, mobile
phones, crypto tokens etc.). WISeKey is uniquely positioned
to be at the edge of IoT as our semiconductors produce a huge
amount of Big Data that, when analyzed with Artificial Intelligence
(AI), can help industrial applications to predict the failure of
their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based
cryptographic Root of Trust (“RoT”) provides secure authentication
and identification, in both physical and virtual environments, for
the Internet of Things, Blockchain and Artificial Intelligence. The
WISeKey RoT serves as a common trust anchor to ensure the integrity
of online transactions among objects and between objects and
people. For more information, visit www.wisekey.com.
Press and investor contacts:
WISeKey International Holding LtdCompany
Contact: Carlos MoreiraChairman & CEOTel: +41 22 594
3000info@wisekey.com
WISeKey Investor Relations (US)Contact:
Lena CatiThe Equity Group Inc.Tel: +1 212
836-9611lcati@equityny.com
Disclaimer:
This communication expressly or implicitly contains certain
forward-looking statements concerning WISeKey International Holding
Ltd and its business. Such statements involve certain known and
unknown risks, uncertainties, and other factors, which could cause
the actual results, financial condition, performance, or
achievements of WISeKey International Holding Ltd to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. WISeKey
International Holding Ltd is providing this communication as of
this date and does not undertake to update any forward-looking
statements contained herein as a result of new information, future
events or otherwise.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities, and it does not
constitute an offering prospectus within the meaning of article
652a or article 1156 of the Swiss Code of Obligations or a listing
prospectus within the meaning of the listing rules of the SIX Swiss
Exchange. Investors must rely on their own evaluation of WISeKey
and its securities, including the merits and risks involved.
Nothing contained herein is, or shall be relied on as, a promise or
representation as to the future performance of WISeKey.
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