Jacob & Co. turned its SF24 Tourbillon timepiece into an NFT and sold the digital watch for $100,000 at auction. The anonymous bidder paid in cryptocurrency and nabbed the prize during a 24-hour auction on the ArtGrails NFT platform.
NFTs are the latest technology craze. The acronym stands for non-fungible tokens, a unit of data on a digital ledger or blockchain. Representing a digital item such as art, audio, video and more, NFTs are not interchangeable, and the ownership of said token proves authenticity and ownership of the digital asset.
Jacob & Co. was founded by Jacob Arabo in 1986 and has always aimed to revolutionize time pieces and fine jewelry ever since. Adapting to the constant evolution of the world’s technology, the company is excited to explore the frontiers of the NFT market, expanding its audience to even more people interested in the intersection of tech and luxury.
“We’ve proven that NFTs have a place in the watches and luxury world," Benjamin Arabov, the new CEO of Jacob & Co., is quoted in a press release. "I’m especially proud that we’re the pioneer in this new digital field.”
The NFT timepiece is based on the Jacob & Co. Epic SF24 model, a striking travel watch with a world time zone display, similar to that of a traditional split-flap timetable listing 24 cities around the world.
This digital version stands out from the physical SF24 with a functioning tourbillon and a working split-flap system that, rather than international cities, displays 10 different cryptocurrencies such as Bitcoin, Ethereum and Fantom. The SF24 NFT also comes with a specially-designed box and certificate, welcoming the Jacob & Co. luxury experience to the digital world.
“We anticipate that NFTs are here for the long term and there will be a whole generation of people who will only grow up knowing NFTs,” Arabov adds. “My hope is that this successful sale will pave the way for other luxury brands to start launching products and collections through NFT."