Tuesday, November 30, 2021

A Work Of Art On Your Wrist

Hanhart has announced a rather interesting new watch concept, the Hanhart CXD -
Courtesy of Hanhart
The CXD is touted as the world's first hybrid NFT.  The first question I had (being of a certain vintage) was just what is an NFT? Well, according the Wikipedia, NFT is not a professional sports league, but rather what is known as a "Non-Fungible Token". Okay, so now I had go deeper and figure out what fungible meant, and called on Wikipedia once more - In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable and each of whose parts is indistinguishable from another part. 
Courtesy of Hanhart
Here's all the info, straight from the source:

On December 2, 2021, history will be made at the renowned auction house Van Ham in Cologne: the world’s first hybrid NFT will be auctioned off. In addition to rights to designs, sketches and views of the watch, which are digitally deposited on the Ethereum blockchain, the buyer also buys the right to have the newly designed model manufactured as a unique piece. The Hanhart CXD embodies the infinite expanses of cyberspace and visualizes a development that constantly challenges the limits of what is possible and conceivable: the blockchain.


The basis for the development of CXD was the virtual reality of cyberspace and the new possibilities of the blockchain. The name CXD is the letter sequence that comes closest to the symbol of infinity, the lying 8. The CXD prepares the way to the metaverse, to the virtual dimension of life and art. It can be exhibited as a three-dimensional object, and with the NFT an associated 3D exhibition space is supplied on request. This can also be customized according to the buyer’s wishes and is then available to the buyer for incorporation into his website or for offline presentation on screen. The service provider for tokenization and presentation is Time To Token IT GmbH (www.time-to-token.com).


With the exclusive and tamper-proof NFT for the ownership rights to the digital watch, a second NFT is supplied that certifies the unique, exclusive right to have the CXD manufactured as a one-off. The highest level of craftsmanship is combined here with materials that can be determined by the buyer. From glass stones and sapphires to rare, colorful diamonds set in a titanium or platinum case, anything is possible, because the watch will only exist once. The option to manufacture the watch expires as soon as the right is exercised – and likewise if it is not exercised by December 31, 2022.


The Hanhart CXD will be auctioned off on December 2, 2021, as part of a hybrid auction at Van Ham, one of Germany’s leading auction houses (https://auction.van-ham.com/item/id/Hanhart_CXD_38669.html). Bidders can register online and participate in the auction, and bids can already be submitted as of now. Payment can be made in euros or also in cryptocurrency, the processing of the payment and the transfer of the NFT is done by Van Ham, a wallet is only necessary after the purchase. Hanhart, Time To Token and Van Ham are happy to assist with any questions.

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