Just 500 bespoke watches will be created using the NFT owners design with customizations relating to the case, strap and etchings.
“Timex is entering Web3 by keeping creativity and community at the forefront,” said Shari Fabiani, SVP Global Marketing and Creative Services Timex Group. “In partnership with the BAYC community, we are redefining and pushing the boundaries of physical, virtual and now phygital products.”
The collaboration involved web3 firm Daz3D and several Bored Ape members. This kind of offering is made possible by the loose intellectual property rights associated with the BAYC NFTs, which include providing the NFT holder with the right to exploit their NFT commercially.
Combined with the distinctive BAYC culture, that has meant that multiple music labels are based around BAYC NFTs, including Universal Music’s KINGSHIP, which used its four BAYC characters in an M&M promotion.
Other brands targeted the BAYC community for launches, including Adidas when it made its web3 entrance.
Timex isn’t the only watch brand to target NFT holders. Tag Heuer took a more technology-rich approach creating a digital watch with a built-in NFT wallet that displays the NFT on the watch face and hence is changeable.
Despite the crypto downturn, the floor price of BAYC NFTs is still pretty pricey at 67ETH or $85,000. The fact that numerous celebrities bought the NFTs helps. In ETH terms, the price is down 57% from its all-time high in early May, but in dollar terms, it’s less than a quarter of the May value.