Topwatch and ORIGYN join forces to create blockchain-based authentication certificates
A new innovative business partnership has been launched to combat the problem of authentic luxury items being sold as knockoffs. How will this be done?
Topwatch has announced its partnership with the ORIGYN Foundation’s luxury division, ORIGYN Luxury. With unique biometric technology, the ORIGYN Foundation provides digital certificates to prove the authenticity and ownership of luxury goods.
It’s estimated that over 40 million counterfeit luxury timepieces are created and sold each year, costing the Swiss watch industry $2 billion a year. French luxury consumers have unwittingly acquired 37% of their goods as fakes.
By working together, these companies will be able to combat the problem of authentic luxury items being sold as knockoffs by employing a system that will constantly monitor the authenticity of the product throughout its entire lifecycle.
Every luxury item that Topwatch retails, whether in-store or online, will be accompanied by one of these blockchain-secured certificates. Consumers can have their pre-purchased luxury goods certified while they wait in store using these certificates, which will include features like insurance, traceability, and the option to insure the items.
Even though most newly made luxury items are sold through a network of carefully chosen and approved shops, the final buyer still expects full transparency and a guarantee that the item is real.
Topwatch Founder and CEO, Johan Dreyer, said: “We have been actively combatting the counterfeit goods market without formal support for many years now. Finally, a pioneer in arguably one of the most needed segments of the industry has come on board. We expect we foresee ORIGYN Luxury to be accepted with open arms across all sectors of valuable investments. By joining forces with ORIGYN Luxury, we can now offer a state-of-the-art product to further the customers journey in trusting CPO,”
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In terms of the Internet Computer Protocol (ICP), ORIGYN is the largest project established by the DFINITY Foundation, which is one of the most rapidly expanding blockchains in the world. To authenticate items, ORIGYN uses decentralised technology and machine learning techniques. Using ORIGYN’s computer vision and artificial intelligence, each watch acquires a unique biometric fingerprint as a result of this process. When a unique biometric fingerprint has been created, non-fungible token (NFT) incorporating all of this data is minted.
A group of investors, including Table Management, Polychain Capital, Bali Venture Partners, Vectr Ventures, Carter Reum, Paris Hilton, and Div Turakhia, among others, contributed $20 million to ORIGYN’s recent investment effort. OGY, the foundation’s utility token, is anticipated to become public in the second quarter of 2022.
Topwatch: A brief overview
Globally recognized and renowned CPO platform, Topwatch, offers an inventory of owned premium timepieces vetted by a team of industry experts. Since Topwatch has been buying, selling, and trading high-end watches for more than a decade, the company is able to ensure the authenticity of each timepiece through a rigorous validation and inspection process, as well as a 24-months warranty and an optional buy-back plan. Topwatch is on the cutting edge of technology and market participation in order to improve and grow the market for high-end used watches.
Visit www.topwatch.com for additional information. Alternatively, you can contact Johan Dreyer on 021-872-0332 or 082-858-9343 / johan@topwatch.co.za.
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ORIGYN Luxury: A brief overview
Digital certification technology ORIGYN Luxury officially guarantees the luxury item’s biometric characteristics’ authenticity through its unique paperless digital certification process. As with a fingerprint, ORIGYN Luxury’s solution makes it possible for an item to serve as its own proof of authenticity, making it easier to sell or buy an item and preventing it from being copied in any way. New experiences and services for luxury goods, such as watches, leather goods, fashion, sneakers and cosmetics, can now be offered to customers thanks to digital certificates (Utility NFTs) that are based on the blockchain’s trust-building capabilities.
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ORIGYN Foundation: A brief overview
ORIGYN, a non-profit organization based in Switzerland, uses decentralised computing infrastructure and intelligent technologies, such as computer vision and artificial intelligence, to identify, authenticate, and unlock the powers of ownership for valuable objects. ORIGYN and its verticals create new forms of value for some of the largest consumer asset classes in the world, such as art, collectibles, digital media, and luxury goods. As the first digital certification platform to be built on the Internet Computer (IC), ORIGYN is also the first platform of its kind. ORIGYN is a global technology and blockchain company headquartered in Neuchâtel, Switzerland, founded in October of 2020. Visit origyn.ch for more information.
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