Watches + NFTs, and just how young are Web3 investors?

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Estimated read time: 3 minutes 40 seconds

Table of Contents:

• Watches and NFTs

• How young is Web3?

Let's get it.

Watches and NFTs: Perfect timing

Almost everyone I know that has NFTs also likes to show off their collection on their apple watch – even though you can’t yet officially verify artwork on most wearables.

So it makes sense that different watchmakers are getting into the Web3 game, with different spins on wristwatch projects.

For instance, the TAG Heuer Connected Calibre E4 smartwatch lets you connect your wallet and display & browse verified NFTs.

Franck Muller, the Swiss luxury watchmaker, has also announced Binance-based NFTs of digital wearables and physical watches.

• The Mystery by Franck Muller collection release (July 27) featuring mystery boxes containing Franck Muller watches, Apple watch skins, and metaverse goodies

Nima Behnoud, former creative director of watch retailer Jacob & Co, has launched Nimany Club, a collection of over 1000 NFT watches, some of which can be redeemed for a physical counterpart.

And OpenSea is now listing Rolex watch NFTs.

Are watch NFTs a good move?

There’s a decent synergy between watches and NFTs. Both are basically status-based assets, even though they might have other minor use cases.

Sure, we believe NFTs will spread throughout society, helping secure and verify all kinds of things big and small. But they currently exist almost exclusively within investment-heavy niches like art and collectibles.

These objects are made to do two main things: increase in value, and provide a neat way for their owner to express themselves.

The same goes for watches. Their outward function is to tell the time, but you can do that with a phone or a $20 Timex.

Instead, the primary value of a luxury watch is as an appreciating asset that tells other people something about your personality.

It’s also easy to imagine watches and NFTs both playing a role in the evolution of wearable tech.

As more of our property is stored in Web3 apps, NFTs will link those digital goods with physical counterparts. Similarly, watches and other wearable devices will provide a way to utilize digital items IRL.

How young is web3?

A survey by the exchange KuCoin released this week put some numbers on an interesting trend in the Web3 space.

They spoke to +3,600 Twitter and LinkedIn users – who were a mix of “web3 professionals,” enthusiasts, and people who’ve worked or interacted with crypto, metaverse, NFT, or related projects.

They found that just under 60% of those currently working in web3 were below 30 years old.

So just how young is web3?

Most people probably assume that web3 skews younger, thanks to the popularity of metaverse(ish) games like Roblox and Minecraft.

There’s also a reasonably high tech barrier to entry that might keep older generations out.

The 90s-inspired art styles of popular NFT collections could also be a clue about the age of creators and holders – whether it’s Gameboy-esque crypto punks or BAYC characters that would look at home on Cartoon Network.

The data says: it’s all Gen Z and Millennials

• A 2021 survey by Civicscience found most people who’ve invested and/or are interested in NFTs are between 18 and 24 years old, followed by 25 - 34 year-olds.

• YPulse’s 2022 buying trends report, based on responses from US & Canadian 13-39 year-olds, found that roughly the same number of young people (28%) have invested in crypto as stocks.

• The same report also found that gen Z are more likely to have purchased crypto (20%) than stocks (15%).

• A global poll of deVere Group clients from earlier this year found that 52% of millennials and 74% of gen Z are considering buying NFTs over other forms of investments.

• And, according to Statista, 38% of gamers under 20 played a proto-metaverse game (that’s Roblox, Minecraft, Fortnite, etc.) in 2021.

We know that data from small surveys like these can be questionable, but report after report seems to produce a similar picture:

Millennials continue to split their assets between crypto, NFTs, and traditional stocks – while gen Z are metaverse natives who view web2 and web3 as equally legit.

A good thing, bad thing – or just something?

Our thoughts on the web3 age skew:

Millennials aren’t necessarily young anymore (sorry!)

If it’s accepted that millennials are born between the early 80s and mid-90s, then the oldest among us are now passing the 40 mark. So millennial investors could actually be older than you’d first assume.

Brand value may mean less

Is the average NFT buyer too young to know, or care, about a famous artist or historic fashion house? Established names are continually looking to cash in on NFTs and web3 experiences, but their reputation may count for less than they realize.

More investment advice and protection are likely needed

The data suggests that many people’s first-ever investments are likely to be a web3 asset. Whether it’s a character skin or a crypto ETF, we surely need better ways to inform buyers about the risks and benefits of the blockchain.

Gamified spaces aren’t going anywhere

With so many kids and teenagers currently socializing in proto-metaverses, the next generation is likely to want digital spaces where they can both work and be entertained.

Headlines of the day

• Gucci Now Accepts Payments in ApeCoin

• Tiffany’s Reveals First NFTs—at $51,000 Each

• Muse’s New Album Will Be the First NFT to Impact the UK Music Charts

Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.