The popularity of Patek Philippe’s Nautilus amongst watch collectors needs no introduction. Especially after the announcement of the discontinuation of the ref. 5711, the value of the iconic Patek Philippe Nautilus has exploded, making it a rare timepiece to get your hands on. A few months back, an olive green Nautilus still in its original packaging was auctioned for 11x the retail price, which is absolutely crazy! If you’re one of those who are looking to add a Nautilus to their watch collection, this new auction might interest you. However, there’s a tiny little caveat. The Patek Philippe Nautilus that’s up for sale is an NFT (Non-Fungible Token), or rather Patek Philippe’s first-ever NFT.
In case you have no clue what a Non-Fungible Token is, think of it as a digital version of a tangible time that exists in the virtual world with the help of blockchain technology – the same thing that powers all the cryptocurrencies. The hype around NFT is continuing to grow unabated and the Patek Philippe Nautilus NFT is a great example of it. The first-ever Patek Philippe NFT was created by a private owner of the Nautilus 5711/1A-010 in the Middle East. The iconic Patek Philippe features a 40mm stainless-steel design with its highly-desirable blue dial.
The Patek Philippe Nautilus NFT will be auctioned off on the SM-ART platform over a 3-day period from mid-November. “When we were approached by the owner to help him create an NFT for his Nautilus watch, we jumped at the opportunity,” said Danny Sangha, co-founder of SM-ART. “Our entire mission for this platform is to bring fine art, rare collectibles and objets d’art back into the world again. So many beautiful pieces sit in vaults hidden away from pubic view – never seen and never appreciated. We wanted to discover a way to breathe life back into these works of art through a new medium. NFT’s are a way to do that, a way for people to be able to enjoy and own these pieces through a digital construct.”
The valuation of the Nautilus NFT has been pegged at $120,000 and it has been split into 1000 fractions with 920 of them up for grabs. What that means is you can own a tiny little fraction of Patek Philippe’s first-ever NFT for as little as $130 and change. But if you’re someone like me, you’ll scoff at it and move on. Nevertheless, you can visit SM-ART platform’s official website for more information.