Synergising watch collecting, NFTs, blockchain and DeFi

Abstract

Watches are cherished not just for their ability to tell time but also for their prestige, status, and the delicate craftsmanship behind each piece. The explosive growth of the watch market during the Covid-19 pandemic has only made luxury timepieces more desired. However, various challenges such as counterfeit, high transactional costs, and illiquidity have made it difficult for people to trade watches. While the watch market grew, so did the blockchain technology market. The rapid mass adoption of the blockchain technology and through its advancements had led to traditional hobbies such as watch collecting to experience a unique convergence.

Before formulating a solution to address these problems, it is necessary to conduct a deep dive of research and analysis on various topics such as smart contracts, the past and current industry leading NFT markets, history of blockchain, NFTs and DeFi to fully understand the underlying problems.

This project introduces “Finest Hour”, a decentralised NFT marketplace catered for watch collectors and enthusiasts. By making full use of the Ethereum blockchain and Decentralised Finance(DeFi) technologies, the Finest Hour marketplace will be able to provide users a seamless experience of buying, selling and trading luxury timepieces.