CAPE TOWN, South Africa, May 16, 2022 (GLOBE NEWSWIRE) -- Blockchain authentication - South Africa's leading pre-owned luxury watch specialists, Topwatch, in collaboration with ORIGYN Luxury, now issue digital authentication certificates as Utility NFTs, secured on the blockchain, with every luxury product sold in-store and online. Thanks to unique biometric technology, not only do these certificates provide guaranteed authenticity, but offer a host of options such as insurance and traceability.
The partnership with ORIGYN Luxury addresses the issue of genuine luxury goods being swapped for counterfeits by constantly monitoring authenticity throughout a product's lifespan. Together with ORIGYN Luxury, Topwatch is now able to authenticate luxury watches using advanced computer vision, machine learning and decentralised technology that assigns a unique biometric fingerprint to each watch as a result of the process. Once this one-of-a-kind biometric fingerprint has been created, an NFT containing all this information is minted.
Although the majority of luxury watches are sold through a network of carefully selected and authorised retailers, there are still counterfeits that plague the industry. It's estimated that counterfeits cost the Swiss watch industry $2 billion per year, with over 40 million counterfeit watches believed to be produced and sold each year.
Topwatch founder and CEO Johan Dreyer says, "We've been actively combating the copied goods market without formal support for many years now. Finally, we have support in a pioneer in arguably one of the most needed segments of the luxury goods market. Joining forces with ORIGYN Luxury means we can now offer state-of-the-art products and services to enhance the customer's journey in trusting CPO."
End-consumers expect full transparency and proof of authenticity, and with Topwatch's introduction of Authenticity Biometric Certificates, now they can have it.
"We've been in the watch industry for a long time, and we value the age-old traditions and pedigree that it brings with it. Being able to merge that with cutting-edge technology like the advancement of NFTs and blockchain, for global transparency, is a hugely significant innovation and one that we as Topwatch are proud to witness and to be a part of. Now our customers can buy a luxury watch and prove 100% authenticity by simply presenting their NFT. It's a world first, and we're also proud to be an early adopter of this technology," says Johan Dreyer.
Topwatch to exceed R1 billion in revenue for 2022 - Topwatch formally announces the company is on track to achieve R 1 billion in revenue for 2022. Boasting an impressive 60% market share in South Africa and increasing its market share globally, the independently owned certified pre-owned watch specialist is set for aggressive expansion, employing best practice technology and trading principles, backed by more than a decade of credible data.
Total AUM - Speaking to the business's total accumulated Assets Under Management (AUM), which exceeds R 3 billion, Johan Dreyer says, "Investment in the high-end watch segment has become a priority asset class within diversified portfolios. With the increase in value and collectability of watches, a detailed understanding of the market has become a significant driving force which is being led by reputable and competent specialists with certified Assets Under Management (AUM)."
"The imminent underlying value resides in access to qualified information. This refers to knowing your customer, what watches they own (model specific) and at what price they should sell them for. This is where Topwatch takes the lead," says Johan Dreyer.
Driven by advanced technology and algorithms, Topwatch has credible access to detailed information on a global scale thanks to an internally developed and highly sophisticated pricing and data capturing system.
Twelve-Year Anniversary - As access to premium watches becomes more limited, Topwatch prides itself on adapting and driving advancement in the pre-owned luxury watch market over the last 12 years, offering ownership to a wide range of luxury watches at minimal risk. Innovation, sophisticated technology, world-class customer service, authenticity via ORIGYN Luxury NFTs and unparalleled credibility lie at the core of the Topwatch ethos and will continue to do so for many more decades to come.
About Topwatch
Topwatch is a globally recognised and trusted CPO fintech platform, offering an expertly curated inventory of owned luxury watches. With over a decade of experience in buying, selling, and trading high-end timepieces backed by actual transactional pricing and a models database, Topwatch guarantees authenticity through careful validation and inspection of each timepiece, providing customers with additional peace-of-mind thanks to a 24-month warranty and optional buy-back scheme. To continually improve and innovate the luxury pre-owned watch market, Topwatch remains at the forefront of technology and market engagement.
For more information, please visit www.topwatch.com
Contact: Johan Dreyer | 021 872 0332 or 082 858 9343 | johan@topwatch.com | @topwatch.global
Related Images
Image 1: Every Watch has a story - Topwatch.com
Image 2: Origyn NFT Minting technology
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