Premiere at Van Ham: For the first time a hybrid NFT will be auctioned. In addition to the rights to the NFT, this also vests the right to have the watch built as a one-of-a-kind 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 NFT have developed 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 highest precision with the digital world for the first time. This first hybrid watch NFT will be auctioned on December 2, 2021, as part of Van Ham’s new “Watches” auction format. The integration of the watch auction in the context of Modern Week with modern and contemporary art is another first and creates unique synergies.
The one-of-a-kind NFT up for auction securitizes the right to the Hanhart CXD design. “We are bridging the gap between the real and virtual worlds because the buyer of the hybrid NFT can also have the Hanhart CXD built by us as a one-of-a-kind piece,” 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 a fee. Since its founding, the manufacture has stood for innovation and built one of the tools for aeronautical progress with its high-precision pilot watches, some of which are still in use today.
“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, CEO 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 will offer the opportunity to continue displaying the watch NFT here.
On December 2, 2021, the hybrid NFT will be offered in the “Watches” auction. This makes Van Ham not only the first German auction house to auction an NFT watch, but also the first where payment is also possible in cryptocurrency. The creation of the NFT as well as the technical processing lies with the company Time To Token IT GmbH in Cologne, which specializes in tokenization.