WISeKey Subsidiary WISe.ART Revolutionizes Ultra-Luxury Market with Strategic Move to Web 3.0 Platform
WISeKey's subsidiary, WISe.ART, has announced a transformative shift to a Web 3.0 platform, aiming to revolutionize the ultra-luxury market. This move leverages blockchain technology to provide transparency, authenticity, and accessibility for Ultra-High-Net-Worth Individuals (UHNWIs) seeking exclusive assets such as boats, fashion, art, villas, watches, jewelry, and travel experiences.
The new platform enables direct listing of luxury assets, reducing the need for intermediaries and lowering transaction fees. Smart contracts automate agreements, ensuring secure and efficient transactions. WISe.ART also introduces fractional ownership, allowing multiple investors to share high-value assets. Additionally, blockchain-based digital identities enhance trust and transparency.
Virtual and augmented reality technologies offer immersive experiences, eliminating the need for physical showrooms and reducing operational costs. NFTs provide digital certificates of ownership, ensuring authenticity and provenance. This strategic move aligns with the principles of the TransHuman Code, promoting luxury and sustainability.
- WISe.ART's transition to Web 3.0 enhances transparency, authenticity, and accessibility in the ultra-luxury market.
- The platform enables direct listing of luxury assets, reducing intermediary costs and expanding market reach.
- Smart contracts ensure secure and efficient transactions, reducing fraud risk and speeding up processes.
- Fractional ownership democratizes access to luxury investments, increasing liquidity and opening new opportunities.
- Virtual and augmented reality technologies provide immersive experiences, reducing the need for expensive physical showrooms.
- NFTs offer digital certificates of ownership, ensuring authenticity and provenance of luxury assets.
- None.
The transition of WISe.ART to a Web 3.0 platform introduces technological advancements that significantly impact the ultra-luxury market. Using smart contracts automates and secures transactions, reducing fraud risk and expediting processes. This can be particularly advantageous in high-value transactions, where ensuring all conditions are met before releasing funds is crucial.
Furthermore, the platform’s use of blockchain ensures transparency and authenticity. By leveraging NFTs for digital certificates of ownership, WISe.ART ensures asset genuineness and provenance, which is a significant concern for high-end buyers. Virtual and augmented reality technologies provide immersive experiences, allowing potential buyers to interact with assets in a more engaging way without needing physical showrooms.
This technical evolution aligns well with the current trends towards decentralization and digital asset management, providing a solid foundation for future scalability and innovation. However, it's important to note that the adoption of these technologies requires user education and trust-building, particularly for those not familiar with blockchain.
WISe.ART's strategic move to Web 3.0 could significantly alter the competitive dynamics in the ultra-luxury market. By removing intermediaries, the platform can reduce transaction costs and broaden market reach, which is important for UHNWIs looking for a streamlined, cost-effective way to transact.
Offering fractional ownership democratizes access to luxury investments, potentially increasing liquidity in a market traditionally characterized by low turnover. This aspect can attract a new demographic of investors who can now own a share of high-value assets without the need for significant capital outlay. Moreover, the increased accessibility could lead to higher demand and potentially drive up the value of these assets.
However, the platform must effectively communicate the value proposition and ensure a seamless user experience to gain the trust of both sellers and buyers. The success of this transition will largely depend on its ability to build a robust, trusted community around the platform.
WISe.ART's transition to Web 3.0 presents an intriguing opportunity from a financial perspective. By enabling direct transactions and utilizing smart contracts, the platform can significantly reduce transaction fees, thus increasing margins for both sellers and the platform itself. This shift could make the platform more attractive compared to traditional avenues that involve hefty broker fees.
Moreover, the potential for fractional ownership opens up new revenue streams. By allowing multiple investors to own shares of high-value assets, the platform can attract a broader audience, increasing transaction volumes and diversifying its income base. This democratization of luxury assets could make WISe.ART a standout player in the market.
However, this transition also entails risks, such as the initial costs associated with developing and maintaining the platform, as well as the need to educate users about the new technology. The financial success will depend on adoption rates and the platform's ability to maintain security and user trust.
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.
About WISe.ART
WISe.ART platform leverages WISeKey's strong cybersecurity expertise, digital identity technology, and the power of blockchain to offer a unique marketplace for NFTs, connecting artists, buyers, and collectors, while ensuring the provenance and authenticity of digital artworks. For more information, please visit https://platform.wise.art/.
About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG, a newly established SPV which focuses on decentralized physical internet with DePIN technology that houses the development of the SEALCOIN platform.
Each subsidiary contributes to WISeKey's mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company's semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey's strategic direction and its subsidiary companies, please visit www.wisekey.com.
Press and Investor contacts:
| WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com | WISeKey Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +1 212 836-9612 / kmurphy@equityny.com | WISe.ART Contact: Sixtine Crutchfield Tel +41 22 594 3000 scrutchfield@wisekey.com |
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FInSa's predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
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