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VIDT Datalink’s backed NFTs connect the physical with the digital

VIDT Datalink’s backed NFTs connect the physical with the digital

VIDT Datalink uses its technology to not only secure the authenticity of high worth objects such as rare paintings, luxury watches, batches of oil and valuable data, but it also backs this authenticity with the fully recorded provenance of the item, thereby proving ownership beyond any doubt.

The leader in the field of connecting the physical with the digital, VIDT Datalink has provided yet another use-case. This time the Netherlands based security experts have managed to advance their technology even further and use it to secure the Midas Metaverse Collection, consisting of multiple Rolexes.

The introduction into the VIDT Datalink architecture of a backed NFT (bNFT) allows the certificate of authentication to be connected to a unique NFT so that authenticity, provenance and ownership cannot be disputed - the NFT becomes ‘backed’ by the real world asset.

Use-case tested

VIDT Datalink has already proved this use-case with an Audemars Piquet and other Rolexes. First the authenticity of the watches was confirmed by experts, then detailed descriptions and macro photographs were added to a certificate of authentication which was anchored to the blockchain.

The digital fingerprint or hash of the certificate was then included in a newly minted NFT and stored in the digital wallet of the watch’s owner, providing immutable digital proof of ownership.

The Midas Metaverse Collection

The Metaverse is a hot topic right now, and rightly so. Major players in the Metaverse include such well known projects as Decentraland, The Sandbox, Axie Infinity etc.

The Metaverse aims to copy many facets of the real world, such as gaming, ecommerce, and luxury goods, and make them available in the virtual world, with much lower costs and easier accessibility. 

The links between this virtual world and the real world are extremely important, and this is where VIDT Datalink comes in. Its technology makes these links permanent and binding. 

So in the luxury watch sector, the complete authentication and ownership data on a watch can exist virtually in the form of an NFT, while in the real world, the owner can wear their watch, content in the knowledge that there is an immutable copy in the virtual world that links to the watch and protects it from being copied and proves ownership.

VIDT Datalink technology is now protecting the Midas Metaverse Collection. Here is a short description of some of the watches in this collection:

  • The Rolex King Midas was the heaviest gold watch that money could buy back in 1964. Of the most extravagant watches of its time, it was designed by Gérald Genta to be worn on the right wrist, as a tribute to the legend of King Midas, whose left hand had the golden touch. 
  • The Explorer 2 1655 was made for the intrepid men and women who explored the dark places of caves and who ventured out in the long nights that characterise the far poles. The watch is best known for its nickname ‘Freccione’ which means arrow in Italian, after its unique orange arrow-shaped hand. Steve McQueen is said to have had one of these watches, although no picture is to be found of him wearing it!
  • The 1964 Milgauss was also designed for a very select few. These included scientists at the CERN nuclear research facility in Switzerland who needed a watch that would be resistant to the magnetic fields they experienced in their work. A soft iron cage was incorporated into the watch which acted as a “Faraday cage”, shielding the watch from magnetic disturbances.

Partnerships

VIDT Datalink has made some strategic partnerships that will make the most of the synergies that exist between them. Firstly, Morpheus Network is a project that concentrates on strengthening the trustworthiness of supply chains, making them more transparent and secure, and guaranteeing their integrity. VIDT Datalink is working with Morpheus Network to this end, and is looking at exploring use cases with the goal of developing PoCs and MVPs.

WordProof is another essential partner, and has proved to be extremely important for validating online content, just as VIDT Datalink validates the physical. An example here is once again found in the vintage watch sector. Where VIDT validates and secures the actual physical watches, Wordproof technology timestamps and anchors the online content, such as product pages, legal documents, and orders.

Finally, among many other partnerships, VIDT Datalink is also collaborating with Kucoin on its Guardian Star game by providing authentic Lino Visionary Art NFTs.

Conclusion

According to billionaire Kevin O’Leary, who is investing more and more of his personal fortune into various crypto projects:

“The watch industry as you may know is one of the fastest growing asset classes in the world right now. Multi billion dollars secondary market in trading fine timepieces, and we don’t have any NFTs for authentication and insurance purposes. We want that, and so does the watch industry.”

VIDT Datalink is already providing the tip of the spear technology to make O’Leary’s wish come true. Microscopic imaging of real world objects such as watches and diamonds, together with all their provenance and ownership data tied to unique and immutable NFTs anchored on the blockchain solves fraud and ownership issues once and for all.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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