June 07, 2022 18:06 ET | Source: Chronoface Chronoface
Singapore City, SINGAPORE
SIngapore City, June 07, 2022 (GLOBE NEWSWIRE) — NFT watch maker Chronoface recently announced their plans to launch their NFT sales in the second half of 2022. By leveraging Non-Fungible Token (NFT) technology, Chronoface offers limited edition collectible smartwatch faces to the rapidly growing smartwatch market.
The demand for smartwatch market is fuelled by the skyrocketing watch prices, where prices of premium watches prices achieved an average growth rate of more than 40%. The huge price increase is caused by a few factors like unfair package deals in authorized dealerships, long waiting lists, grey market dealers and also the Covid-19 pandemic effect, where unspent monies are spent on luxury assets like luxury watches.
Chronoface aims to solve the above problems by creating exclusive digital watches for the masses with luxury designs comparable to the physical watch market, if not, better.
The key to their product is the idea of non-fungibility or digital scarcity. Transactions of these watches can be done online easily, and prices are transparent, thus giving them a true valuation as well. The team has created a wide collection of face designs and is also working with brands and artists to produce different collections to serve the different markets.
Chronoface NFT holders will have access to their mobile application on Android and IOS devices, where they can pair their NFT faces to almost any smartwatch. Each watch face is unique and no other user can own the same one.
Chronoface also mentioned in their development plans to provides a marketplace for NFT smartwatch users to buy, sell, and trade content anywhere in the world. Their NFT can also be used in future metaverse, where users can wear the watches in their avatars and explore Chronoface storefront in the metaverse.
