Traditionally, luxury watchmakers are perceived as hesitant to adopt digital advancements, largely due to their reliance on classical, handcrafted methods which are pivotal to their appeal. This reluctance, however, does not imply a complete disregard for modern trends. To remain relevant and expand its influence in both the physical and digital arenas, the renowned Swiss luxury watchmaker H Moser & Cie has recently incorporated Web3 technologies into its marketing strategies. These innovations include digital product passports (DPPs), non-fungible tokens (NFTs), and ventures into the metaverse.
H Moser & Cie’s integration of Web3 was not a hasty attempt to follow trends. Deloitte noted that the company, which was established over two centuries ago in Russia, had been exploring the potential of these technologies to enhance customer engagement and support for the past three years. This exploration led to the development of the Genesis project, which sought to connect the brand’s luxury offerings with both the real and virtual worlds.
Genesis Project: Merging Physical and Digital Realms
The Swiss luxury brand enhanced its Genesis watches by introducing a digital product passport. The DPP maintains a digital record of each watch’s value chain, ownership, and service history on a private blockchain. This data is accessible only to the verified owner, providing transparency and traceability throughout the product’s lifecycle. This feature not only offers proof of authenticity but also boosts the resale value of the luxury item.
Moreover, H Moser & Cie pairs each watch sold with two unique NFTs. One of these NFTs grants access to a minimalist Swiss chalet within the metaverse, allowing users to participate in exclusive virtual events hosted by the brand, such as conferences and product launches. The second NFT encompasses the insurance coverage for both the physical and digital versions of the watch. This hybrid insurance model provides convenience for users who may not have the physical policy on hand, offering dual access to the document whenever authentication is needed, such as during servicing or resale.
Claire Tellenbach, the director of international marketing and leader of the Genesis project, disclosed plans to extend Web3 integration to more of H Moser & Cie’s products. She expressed confidence that the insights gained from the Genesis project have positioned the company advantageously to meet the demands of their target customers.