Luxury watchmaker Tag Heuer embraces NFTs despite market conditions.

• Tag Heuer collaborates with BAYC and CloneX to enable NFTs functionality on their new Connected Calibre E4 smartwatch.
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• Tag Heuer users can connect their smartwatch to crypto wallets such as Metamask or Ledger Live and authenticate and showcase ownership of various NFTs.
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• The NFT display has additional features such as choosing between static and animated NFTs and resizing the NFT images to fit on the smartwatch's round screen.
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• Verified NFTs are displayed in a hexagon, surrounded by a cloud of particles.
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• Tag Heuer introduced a cryptocurrency payment option to their US customers last month.
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• Despite the current sell-offs witnessed in the cryptocurrency market and falling prices of NFTs, sales remain steady.

TAG Heuer dives deeper into Web3 World

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TAG Heuer S.A. is a luxury watchmaker based in Switzerland that designs, manufactures, and sells watches, fashion accessories, eyewear, and mobile phones under license from TAG Heuer.

The firm this month announced the launch of an NFTs functionality (NFT viewer), in partnership with the famous Crypto community Bored Ape Yacht Club, BAYC, and CloneX, on their new Connected Calibre E4.

The new feature enables customers to securely connect to various crypto wallets like Metamask or Ledger Live, and select and showcase their digital asset collection, with verified proof of ownership, on their TAG Heuer Connected watch.

This development came amid the recent downward spiral in cryptocurrency prices, triggering extreme fear in retail investors and threatening the existence of both big and small cryptocurrency firms with resilient Microstrategy seeing losses of close to $1 billion in its Bitcoin holdings and close to margin calls in its BTC-backed loans.



Tag Heuer stated that multiple NFTs could be transferred to the smartwatch through a paired smartphone at once. Some of the NFT artworks, static or animated, will be displayed in three unique ways alongside the time. Also, the NFTs can be resized to fit into the smartwatch's round screen.

This new feature also introduced a graphic proof of ownership by displaying verified NFTs in a hexagon, surrounded by a cloud of particles, and will be available as a free update to all owners of the TAG Heuer Calibre E4 watches via the iOS App Store and on Google Play.
First Dive into the Web3 World.

In its first dive into the Web3 world last month, the firm announced the launch of a cryptocurrency payment function on its US website, allowing local customers to purchase the brand's smartwatches using a variety of cryptocurrencies. With no minimum spend and a limit of $10,000 per transaction, up to 12 cryptocurrencies, including five USD-pegged stablecoins, could be used.

TAG Heuer's CEO, Frederic Arnault, remarked at the launch that the brand had been tracking cryptocurrency developments since the foundation of Bitcoin and had to wait until now to ensure that their entry into Web3 would match the company's high standards. He said that the new crypto functionality, made possible by BitPay's support and in-house developers, is only the start of many interesting Web3 developments for the company.

Increase in NFT sales despite Market conditions

Despite the current sell-off in the cryptocurrency market and falling prices of NFTs, NFTs continue to witness a surge in sales. According to CryptoSlam data, Yuga Labs' BAYC NFTs saw an increase in sales last week, with over $7.1 million sold in 24 hours. According to CryptoRadar data, the OpenSea market saw a 173.43 percent increase in trading volume for a total of $23.88 million in sales during the same period.

Conclusion

Since the explosion of NFTs into the mainstream media in 2021, various media companies and brands continue to build and innovate around NFTs to meet the ever-increasing desires of crypto enthusiasts and world users to showcase their digital collections.





Author: Gate.io Observer: M. Olatunji
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