Patek Philippe Nautilus 5711

The Nautilus was discontinued earlier this year | Source: FHH Journal

Patek Philippe Digitises the Nautilus As Its First NFT

Luxury timepiece brand, Patek Philippe, is stepping into the world of non-fungible tokens with its now discontinued Nautilus watch.

The digitised rare timepiece is on auction today via NFT and art marketplace, SM-ART. Bidding is due to close on Sunday November 21. According to a press release, the Nautilus NFT was created in collaboration with a private owner of the watch in the Middle East and is the first of its kind.

Featuring an octagonal bezel, the Nautilus 5711/1A-010 is arguably one of the most sought-after luxury timepieces in the world, with collectors willing to wait years to get their hands on Patek Philippe’s rarest and most coveted watch. Some estimates report a wait time of 10 years for the Nautilus; a testament to its icon status and increasing value.

In terms of the watch’s profit potential, record prices have been reported on the secondary market. So, although the original price of a Nautilus sits at around A$47,000, a factory-sealed 5711/1A-014 model sold for more than A$641,000 at a Monaco auction this year. People are willing to pay up to 11 times the original price to add the Nautilus to their collection.

It’s an incredible investment opportunity for someone and the NFT will only continue to appreciate in value along side the value of the watch itself.

Danny Sangha, co-founder of SM-ART

Once bidding for the 5711/1A-010 model closes on SM-ART, the physical watch will be divided into non-fungible assets from which buyers can trade shares of the actual timepiece. It’s the first ever Patek watch to be made available in fractions and over the blockchain.

SM-ART has reportedly had record-breaking sign-up numbers for the auction, with 16,000 registrations reported for the NFT in just 24 hours.

The Nautilus was first launched in 1975 by designer Gerald Genta, and has become an icon in the world of luxury timepieces.

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