Premiere at Van Ham: for the first time, a hybrid NFT is being auctioned. In addition to the rights to the NFT, this also certifies the right to have the watch built as a unique piece in the Hanhart manufacture. The auction will also be the first time that payment can be made entirely in cryptocurrency at an auction in Germany.
Non-Fungible Tokens or NFTs have evolved rapidly as virtual securitizations of art and collectibles, with digital works fetching record prices. With the Hanhart CXD, the renowned watch manufacturer Hanhart from the Black Forest combines real craftsmanship in utmost precision and the digital world. This first hybrid watch NFT will be auctioned off on 2 December 2021 as part of Van Ham’s new “Watches” auction format. The integration of the watch sale and modern and contemporary art in the context of the Modern Week is yet another innovation, generating unique synergy effects.
The unique NFT that is up for auction securitizes the right to the design of the Hanhart CXD. “We build the bridge between real and virtual world, because the buyer of the NFT can also have the watch built by us as a unique specimen”, says Felix Wallner, Managing Director of Hanhart. This is because with the purchase of the watch NFT, the buyer receives a second NFT, which can be used to have the Hanhart CXD manufactured as a unique piece by Hanhart within one year for an additional fee.
Since its foundation, the manufactory has stood for innovation. With its high-precision aviator watches – some of which are still in use today – it built one of the tools for aeronautic progress.
"The design of the watch is trend-setting, creates a look based on the idea of blockchain and can even bring it to reality in classic precision craftsmanship," says Markus Eisenbeis, Managing Partner of Van Ham. "We are proud that Hanhart has chosen Van Ham as a partner. This underlines our claim as an innovation driver in the industry." The watch NFT will be presented in a specially constructed 3D room. After the auction, Vam Ham offers the opportunity to further display the watch NFT here.
On 2 December 2021 the Hybrid NFT will be offered in the Watches sale. This makes Van Ham not only the first German auction house to auction off an watch NFT but also the first one to accept cryptocurrency as payment. The creation of the NFT as well as the technical details are handled by Time To Token IT GmbH in Cologne, which specializes in tokenization.
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