Luxury Watch Data: use cases for WatchSignals data On Blockchain
What is WatchSignals?
WatchSignals is a luxury watch comparison platform powered by artificial intelligence (AI). It provides luxury watch data that allows users to compare prices for luxury watches by predicting the price of listed pieces, or comparing different dealers, shops or marketplace prices. WatchSignals provides luxury watch price data by sourcing it from around the world and across various mediums, as well as using machine learning to predict the fairest prices.
Luxury Watch Price Data Use Cases
The luxury watch market is highly driven by product premiumization and innovation, something that WatchSignals is very keen on. The recent exploration and adoption of the blockchain technology by WatchSignals is aimed at bringing new and premium datasets on-chain to support next-generation financial products and decentralized markets. The luxury watch data by WatchSignals will allow developers to create smart contracts on the blockchain to serve different uses. These include;
1. Appraisal and insurance for blockchain apps
Data from WatchSignals is gotten from trusted marketplaces, dealers, shops and sites from across the world. The technology used also reconciles the prices depending on the current market fluctuations. Blockchain apps or solutions can therefore have an appraisal platform for luxury watches and insure their stock based on this data. The appraisal is possible because WatchSignals provides all data for each luxury watch in its catalogue such as serial numbers and collector database information, long-term appraisal data, and certificates of authenticity.
3. Creation of nonfungible tokens (NFTs)
WatchSignals has created a bridge between blockchain systems and the high end watch marketplace. Therefore, new types of products can emerge based on tokenization of these luxury items, on-chain verification of their authenticity, and their usage within financial products. For example, rare watches that are only owned by a select few in the world can be digitally tokenized into NFTs and their value rated based on their uniqueness and demand. Their owners can benefit by selling them to willing buyers on marketplaces. Luxury watch market data from WatchSignals can indicate the correct number of luxury pieces in these marketplaces, and help the valuation process and decision making process of tokenization.
4. Collateral in DeFi
Launching of the Chainlink node on mainnet will open many blockchain based opportunities for WatchSignals and its users. At the moment, real world collectibles have become tradable assets on blockchains. For example, the DeFi market allows users to access loans, with the value of the loan based on the collateral. Luxury market data from WatchSignals will allow for predictive benchmarks and offer information about the value of certain watches. This data can verify the authenticity and rarity of specific items offered as collateral in DeFi platforms. The luxury watches can therefore serve as collateral in DeFi protocols allowing o to access loans easily and also access a marketplace in case they are willing to sell.
5. Reference point for luxury watch prices
WatchSignals will have its data on the blockchain, meaning that it is permanent and cannot be easily changed or tampered with. Luxury watches experience significant price fluctuations, which can be difficult for investors to ascertain the real value of these watches at a given time. However, WatchSignals uses AI-driven valuation tools that show the correct luxury watch data at any time. Having this data on the blockchain empowers investors with the knowledge that the luxury watch price data indicated is correct. Therefore, making investment decisions easier.
6. Synthetic assets
WatchSignals luxury watch data can also be used to make smart contracts such as synthetic assets that track the global market price of unique or rare watches. Blockchain based synthetic assets provide users exposure to different assets without the need to hold the underlying asset. By using these unique synthetic assets, investors can still hold tokens that track the value of some luxury watches.
Without benchmarks to correctly value luxury watch prices, it is risky for investors to trust the market price, especially since the value of luxury watches can fluctuate. The launch of WatchSignals node on Chainlink will supply developers across leading blockchains with unique and well sourced data about the luxury watch industry, which can be used to build many innovative new smart contracts use cases.
View documentation: WatchSignals Luxury Watch Price Oracle