WISeKey Subsidiary WISe.ART Revolutionizes Ultra-Luxury Market with Strategic Move to Web 3.0 Platform
Geneva, Switzerland – July 9, 2024: WISeKey International Holding Ltd. (“WISeKey” or “Company”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that its secure digital marketplace platform for NFTs subsidiary WISe.ART, is making a strategic transition to a cutting-edge Web 3.0 platform, poised to transform the sale of ultra-luxury assets. This innovative move leverages blockchain technology to bring unprecedented transparency, authenticity, and accessibility to the high-end market, catering to Ultra-High-Net-Worth Individuals (UHNWIs) looking for exclusive assets such as boats, fashion, art, villas, watches, jewelry, and travel experiences.
The WISe.ART platform (https://platform.wise.art/) offers UHNWIs an unparalleled opportunity to commercialize their luxury assets using cutting-edge Web 3.0 technology. By leveraging blockchain, NFTs, smart contracts, and virtual experiences, WISe.ART transforms the sale, purchase, and management of high-end assets, including boats, fashion, art, villas, watches, jewelry, and travel experiences.
BENEFITS OF THE WISE.ART PLATFORM
Digitalization offers direct listing of luxury assets without intermediaries
The WISe.ART platform operates as a decentralized marketplace, enabling UHNWIs to list and sell their luxury assets directly to buyers without intermediaries. For example, yacht owners can list their vessel on WISe.ART, providing detailed information and high-resolution images or virtual tours and complete transactions using smart contracts. Direct transactions reduce the need for brokers, lowering transaction fees and expanding the market reach globally.
Smart contracts automate and enforce agreements for transactions on the WISe.ART platform. These contracts ensure that all conditions are met before the release of funds, providing a secure and transparent process. For instance, when selling a luxury villa, a smart contract can be set up to release payment only when all property transfer documents are verified and completed. This reduces the risk of fraud and speeds up the transaction process, providing security and efficiency.
Offers fractional ownership of luxury assets
WISe.ART platform also allows for fractional ownership of high-value assets, enabling multiple investors to own a share of an asset. A rare diamond can be divided into several shares, each represented by an NFT, allowing multiple investors to own a part of the diamond. This democratizes access to luxury investments, increases liquidity, and potentially enhances the asset’s value through shared ownership, opening new investment opportunities to a broader audience.
Provides transparency and trust
Blockchain-based digital identities and reputation systems on the WISe.ART platform enable users to build and verify their reputations over time. A luxury watch seller with a history of successful and transparent transactions can build a strong reputation, attracting more buyers. This fosters trust and reliability, making it easier for sellers to market their assets and for buyers to make informed decisions.
Offers an engaging and richer way to market luxury assets
WISe.ART incorporates virtual and augmented reality technologies to enhance the presentation and experience of luxury assets. A fashion designer can showcase their latest collection in a virtual runway show, allowing buyers to see the garments in a highly interactive environment. These immersive experiences are able to reach a broader audience, providing a richer and more engaging way to present and market luxury goods, where buyers can confidently select reliable sellers, and luxury brands can offer personalized services based on verified consumer profiles. The platform’s transparency and engagement create a vibrant community among buyers and sellers.
Eliminated need for expensive physical showrooms
Web 3.0, characterized by decentralization and enhanced user sovereignty, enables WISe.ART to create a seamless and secure marketplace for luxury goods. By utilizing blockchain technology, WISe.ART ensures that every transaction is transparent and traceable, significantly reducing the risk of counterfeit goods. This platform empowers buyers and sellers to engage directly, eliminating intermediaries and the need for expensive physical showrooms, thus reducing the overall operational costs.
Virtual and augmented reality technologies further enhance the WISe.ART platform, offering immersive experiences for customers. Users can explore luxury items in virtual showrooms or their own spaces, trying on fashion pieces, viewing art, and inspecting jewelry in a highly interactive manner. This reduces the need for physical inventory and extends the reach of luxury brands to a global audience.
Provides proof of ownership and authenticity
NFTs allows WISe.ART to issue digital certificates of ownership for physical items or digital twins. These NFTs provide irrefutable proof of authenticity and provenance, ensuring that luxury assets are genuine and valuable.
WISe.ART’s strategic move to a Web 3.0 platform is set to revolutionize the ultra-luxury market by creating a more efficient, transparent, and accessible marketplace. The platform ensures ensuring authenticity, enhanced security, and expanded market reach for UHNWIs. This technological shift also aligns with the principles of the TransHuman Code, ensuring that luxury and sustainability coexist harmoniously. WISe.ART is committed to fostering a better future for humanity, where advanced technologies enhance the overall luxury experience while maintaining exclusivity and desirability.
