Benzinga | Mar 26, 2021 01:01PM EDT

WISeKey To Auction First Ever Secure Luxury Non-Fungible Token Watch On March 31, 2021

WISeKey $WKEY to Auction the First Ever Secure Luxury Non-Fungible Token #NFT Watch on March 31, 2021

WISeKey's WISe.ART NFTs are already trading using a peer-to-peer marketplace for trusted exclusive digital items and crypto luxury collectibles. For more information visit OpenSea NFT MarketPlace at https://opensea.io/accounts/WISeArt.

Watch demo video of the WIS.Watch NFT activation at https://youtu.be/CSIqLT0Ucpg.

WISeKey's CEO, Carlos Moreira will appear on Benzinga's 'Power Hour' to discuss WISeKey's NFT technology, today at 1:30 p.m. ET

Geneva, Switzerland -- March 26, 2021 -- WISeKey International Holding Ltd ((SIX: WIHN, NASDAQ:WKEY), a Swiss based cyber security, IoT, AI platform company, today announced that it will auction the first ever secure luxury NFT watch on March 31, 2021, using Open.Sea NFT MarketPlace. The highest bidder will receive the high-end NFT watch with an embedded digital certificate using a secure element with a cryptographic publicprivate key pair unique to each watch.

WISeKey is launching this auction to demonstrate its technology and encourage luxury watch brands to start using it to auction their high-end watches through WIS.Watch NFTs. The company successfully launched this week its WISe.Art, a digital certificate of authenticity, a NFT for art pieces that will live forever on the blockchain, unchanged and unchallengeable, as proof of the buyer's ownership. This announcement generated strong interest from the luxury and art community and WISe.ART is now operation using OpenSea NFT MarketPlace - https://opensea.io/accounts/WISeArt.

This method secures watches using cutting-edge authentication microprocessors combined with identity blockchain technology, which together with on-the-ground measures ensures the authenticity of the artwork. See video https://youtu.be/CSIqLT0Ucpg.

A WISeKey NFT is a unit of data on the blockchain, where each NFT represents a unique digital item, such as an artwork, audio, video, an item in video games or other forms of creative work. While digital files themselves are infinitely reproducible, NFTs representing them are traced on their underlying blockchains and provide buyers with proof of ownership. Blockchains such as Ethereum, Bitcoin Cash and Flow, each have their own token standards to define their use of NFTs.

WISeKey, the first company in the world to use dual factor authentication combined with blockchain technology to secure luxury watches, currently protects over 2.5 million luxury watches. Since 2010, WISeKey has collaborated with manufactures of luxury watches deploying this unique technology to integrate semiconductors tags powered with its VaultIC154 NFC secure element and provide brands with the ability of:

* issuing a storage device comprising of a digital certificate of authenticity

* checking, when required, the validity of the digital certificate of authenticity

* modifying, when required, the status of validity of the digital certificate of authenticity.

* Dematerialization and creation of a Digital Twin with its corresponded Non-Fungible Token

These tags, when placed on any product and tapped by an NFC phone, securely authenticate, and track the product much like an embedded ePassport and confirm the identity of the product on the blockchain ledger. This technology has received a patent in the USA http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=8&f=G&l=50&co1=AND&d=PTXT&s1=wisekey&OS=wisekey&RS=wisekey

Furthermore, WISeKey's technology creates Watch Birth Certificates, digital identities which are analogous to birth certificates and can be converted into NFTs. The Watch Birth Certificate is signed, or "certified" by a trusted authority and contains basic information such as date & time of manufacture (birth), company (parents), and type of product. This digital identity, used throughout the watch lifetime, allows the watch to become a "Trusted Object" of the Internet, prove its identity and provide verifiable data.

The Watch Birth Certificate is based on a cryptographic publicprivate key pair that is unique to each IoT device. The public key for this key pair is part of the certificate and can be freely distributed, while the private key is used whenever the IoT device needs to verify its identity or to sign data to ensure cryptographic integrity. It is the private key that represents the essence of the identity of the IoT device.

A WISeKey NFT virtual meeting involving stakeholders on the Art and Luxury Ecosystem will be held on April 14, 2021 at 9:00 am ET https://www.wisekey.com/wisekey-webinar/.