Place/Date: - July 6th, 2022 at 1:19 pm UTC · 4 min read
Source: MULAN Finance
MULAN Finance (hereinafter referred to as MULAN), a comprehensive platform for decentralized exchange (DEX) and watch specialized NFTs has announced that the industry’s first luxury watch NFT (Non-Fungible Token) is available for public sale on the MULAN Marketplace from 7th of April 2022.
Luxury watch NFTs from MULAN are linking real luxury watches with blockchain based NFTs. NFTs are offered as a partial share of the watch, offering anybody partial-ownership without spending a vast sum of money. NFTs can be exchanged for the actual watch once all partial shares are collected and secured as a single watch.
NFT tokenized watches are minted using their own ETH smart contract based on ERC-721 protocol. The content of the contract can be reviewed by watch fans around the world, making it easy to transfer ownership. This makes all transactions transparent and secure.
In addition to blockchain security, all luxury watches backing the NFT are stored in a “private vault”, a high-security storage with up to 24 hours access. The vault has strict security measures, such as constant electronic surveillance of staff, customers, valuables, and the presence of armed security guards. Also, the storage facility has air-conditioning installed to maintain a constant humidity and temperature to prevent the rusting of complex watch components.
Investment assets such as gold and silver are well-known, however luxury watches are another option. To retain the value of a hard asset, a stable demand is necessary, as well as maintaining its physical form. Assets such as gold and silver are characterized by their durability, while luxury watches have semi-permanent life span, but much lower maintenance cost in comparison to other assets like luxury cars. This aspect has established luxury watches as an asset.
The luxury watch Richard Mille (RM-67-01) NFT was launched for public sale on 7th of April 2022. The history of Richard Mille is only a few decades old, but its craftsmanship, ingenuity and over-all singularity stunned the high end luxury watch industry, quickly becoming the most exclusive brand.
Richard Mille is only producing less than 5,000 watches a year. This is not a small number, but certainly very special for a young brand. In addition, Richard Mille has adopted unique strategies controlling the price of second handed watches, coordinating with Swiss headquarters to ensure perfect maintenance, and selling watches with certificates. This is why, despite the price of hundreds of thousands of dollars, it is gaining popularity amongst the wealthy.
MULAN is already preparing to launch a second luxury watch NFT. The Roger Dubuis Excalibur Spyder Countach DT/X is one of the most expensive models ever produced in a limited edition of eight pieces. It is the latest timepiece in the collection partnered with Lanborghini’s motorsports division, Squadra Corse, the manufacturer of Lanborghini extreme models for the most prestigious GT championships around the world.
MULAN is a comprehensive platform that provides decentralized exchange (DEX) and a marketplace for watch specific NFTs. 1 million of governance tokens issued by MULAN are already circulating in the market, of which 2.1M USD worth of tokens have been staked, displaying a trustworthy project.
MULAN provides below services:
MULAN has completed the code audit by Certik, one of the most prominent blockchain cyber security companies, and is ready to prevent hacking damage exploiting bugs in smart contracts. MULAN plans to implement additional features in their luxury watch NFT marketplace in the future, as well as continuing to demonstrate functionality as a DEX. While developing the Japanese market, MULAN simultaneously develops global markets, especially in China and Southeast Asia, aiming to become the world’s leading DEX and NFT marketplace.