WatchSignals to Launch a Chainlink Node to Bring Luxury Watch Data Onto The Blockchain
We are proud to announce that WatchSignals, a leading provider of market research on luxury watches, will launch our own official Chainlink node to provide luxury watch pricing data and predictions on various leading blockchains. Doing so opens the door for smart contract developers to build new financial products on blockchains based solely around price benchmarks and authentication certificates for luxury watches, such as tokenizing collectible watches and using them as collateral for a loan, or creating derivatives markets to hedge against the future price of upcoming new releases.
We plan to use our Chainlink node to monetize our extensive collection of data about luxury watch markets, allowing it to be purchased and used directly within blockchain markets. Additionally, the Chainlink node allows us to cryptographically sign the data we provide on the blockchain, serving as an additional guarantee to users that it came directly from WatchSignals itself. These features will help us expand our addressable market as a data provider by bringing our services into this new world of tokenized assets and on-chain financial products.
Reliable Data for Luxury Watch Collectors
Similar to classic cars, luxury watches and other rare collectibles are often investments that rise in value over time with proper care. It’s why high net-worth individuals often store value in luxury items. However, the digital marketplace for luxury items can come with significant risk, particularly when trying to determine a fair-market price on an asset that trades around the world and can range anywhere from tens of thousands to millions of dollars in value. Whether its watches or other luxury assets like jewelry, clothes, bags, etc, buyers and sellers need benchmarks to correctly value these items.
WatchSignals is a service provided by Zapevo — a data-driven platform for luxury goods (new & pre owned) and services, empowering customers with an AI driven valuation tool. Zapevo provides premium data about these luxury markets by sourcing data from around the world and across various mediums, as well as applying machine learning cultivated by industry experts to predict fair market prices. For example, WatchSignals gathers luxury watch prices from trusted marketplaces, shows serial numbers and collector database information, presents certificates of authenticity, and provides long-term appraisal data. Not only is the raw data available to users, but WatchSignals uses machine learning algorithms to generate reliable benchmarks for these assets based on that data.
As these real-world collectibles become tradable assets on blockchains, we identified a clear need for blockchain applications that require predictive benchmarks in order to execute certain on-chain functions for these tokenized assets. For example, issuing loans based on predictive benchmarks, using trading data to verify the most recent purchase price, sourcing certificates and database records to verify the authenticity and/or rarity of specific items, and more.
Since blockchains cannot make API calls to external systems on their own, we require a blockchain oracle to enable smart contract applications to access our data. Oracles are middleware that fetch external data on behalf of the smart contract, validate its integrity, and broadcast it on the blockchain to be consumed.
After reviewing various oracle solutions, we found the Chainlink Network provides us with the best opportunity to maximize the security and reach of our luxury data. Some of the most distinguishing features available as a Chainlink node include:
- Signed Data – the Chainlink node cryptographically signs the data we supply on-chain, allowing us to provide definitive proof that the data came straight from WatchSignals.
- Sell to Any Blockchain – the Chainlink node can function on any blockchain, creating a single gateway from which we can sell to all blockchains that exist now and in the future.
- Large Market of Users – the Chainlink Network is the most widely used oracle solution in the blockchain industry, providing our data with a sizable market of potential users.
- Proven Security – Chainlink is thoroughly audited open-source software that collectively secures billions of dollars in value for live applications, demonstrating its ability to protect and trigger the movement of real value economic value.
We are excited to leverage Chainlink to bring a completely new and premium dataset on-chain to support next-generation financial products and decentralized markets. We look forward to working with development teams to empower them with unique data and can’t wait to see what kind of new markets they build on the blockchain to better cater to luxury goods industries.
“WatchSignal has built deep connections in the luxury watch industry because it is a strong community that seeks high-value, long-term investments in collectible jewelry. By creating a bridge between blockchain systems and the high-end watch marketplace, new types of products can emerge based on tokenization of these luxury items, on-chain verification of their authenticity, and usage of them within financial products such as on-chain loans, decentralized exchanges, and derivatives instruments,” said WatchSignal CEO Ari Pham. “Through our Chainlink node, we can ensure the industry has reliable benchmarks to base these new blockchain-based financial products on, as well as key authentication data to ensure that users around the world can trust in the products they are purchasing.”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
At WatchSignals we use artificial intelligence to empower watch collectors. We curate millions of luxury watch prices worldwide so that buyers can compare offers, review price trends, and more. WatchSignals also brings some fun to the table, collectors can build their own virtual watchbox and see its present value and changes to that value. We’ve also put together virtual watchboxes for noted celebrity collectors. For deeper dives we have a blog presenting novel insights into the industry.
Visit https://watchsignals.com/ for more.