Panerai, the renowned Italian luxury watchmaker, is set to launch a blockchain-powered “digital passport” for its watches starting from October 3. This innovative feature will be included with every Panerai watch purchase, demonstrating the brand’s commitment to authenticity and transparency.
This move isn’t Panerai’s first venture into digital authentication. In 2022, the brand introduced a similar project, and now it has enhanced the digital passport to provide detailed information about each watch, serving as robust proof of authenticity. The primary goal of this initiative is to combat counterfeit watches and provide confidence to buyers in the secondary watch market.
Arianee, a Web3 solutions provider, played a crucial role in this endeavor through its partnership with Panerai. The blockchain-backed digital passport is more than just a certificate; it is transferable and meticulously documents a watch’s technical specifications and its entire journey from manufacture to sale. This level of transparency is highly valuable in the secondary watch market, where authenticity is of utmost importance.
The secondary watch market is substantial, with pre-owned timepiece sales reaching $27 billion (approximately 25 million euros) in 2022 alone. Panerai’s digital passport not only provides authentication but also allows watch owners to extend their warranty to a generous eight years, incentivizing them to register their timepieces.
While Panerai’s initial collaboration with Arianee in March 2022 focused on a limited edition watch and highlighted the artistic and experiential aspects of the brand, the broader introduction of the digital passport emphasizes practicality. Jean Marc Pontroué, Panerai’s CEO, believes that digital identities could revolutionize how valuable assets are perceived.
Claiming the digital passport is simple for Panerai watch owners. They can obtain it at the point of purchase in boutiques or by scanning a QR Code on the warranty card. Once claimed, the passport can be accessed via the Pam.Guard platform, offering numerous benefits and creating a secure digital space for owners to track their watch’s history and confirm its authenticity while enjoying tailored services.
Arianee’s influence in the luxury watch sector is significant, with partnerships that include brands like Breitling, L’Oreal, Moncler, and Lacoste. The introduction of Panerai’s digital passport elevates the customer experience, allowing owners to trace their watch’s history, verify its authenticity, and access personalized services.