Timex has partnered with Bored Ape Yacht Club (BAYC) to produce 500 custom watches, exclusive to BAYC NFT holders. Last month, the self-acclaimed “timekeepers of the Metaverse” made a cameo in the metaverse when it launched branded challenges in the game Fortnite. Now, it is set to mark its presence with this phygital experience for the NFT community.
Bored Ape and Mutant NFT holders will have to mint a Timepiece Forge Pass NFT to redeem their watches, with the mint price at two ETH (equivalent to around $2500). Once this is done, starting mid-December, the NFT owners can visit Timex’s website to customize their watches, which will be produced and delivered to them by the second quarter of 2023. Furthermore, Timex follows the growing phygital trend as each owner of the customized watches gets an NFT identical to their owned timepiece.
Many members of the collective NFT community have raised eyebrows over the 2 ETH price-point, with many terming the pricing as “absurd,” as it comes at a time when there is declining interest in the NFTs amidst a bear market. On the other hand, some believe the price point may mean little or nothing to the lucky few who acquire a minting spot, especially considering they most likely own a BAYC!
Why is TIMEX’s Partnership with BAYC Significant?
Timex is following the footsteps of fashion brands that have collaborated with Web3 powerhouses, with Nike spearheading the trend with its CryptoKicks phygital offerings. Luxury jeweler Tiffany & Co also did a customized diamond pendant specifically for CryptoPunks, at a much higher price point than TimeX. With this becoming a trend, we could see more Web2 brands create real-life products accompanied by identical NFT replicas and who knows, it could be the spark which revives the plunging NFT industry. One thing is for sure; Top NFT collections are well positioned to gain traction from this trend as they will be the likely go-to for Web2 brands looking to make their foray in the NFT space.
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This article was posted with the permission of Patrick Hagerty.