Sm-ART is a new platform created "to preserve fine art masterpieces, objets d’art and high-value collectibles" through fractionalization and artful NFTs. And things are getting really interesting with a highly-prized Patek Philippe Nautilus 5711/1A-010 landing on the platform soon.
Operating similarly to alternative asset staples Rally and Otis, the sought-after luxury timepiece will soon be offered at a $120,000 USD valuation with 920 of 1,000 fractions available. However, unlike Rally and Otis, shares reflecting partial ownership will be distributed and accounted for via Ethereum tokens — in this case, $PTKNAUT1 — that can be purchased/sold with cryptocurrency. And to celebrate the upcoming launch, they've announced a special one-of-one NFT showcasing the soon-to-be-fractionalized Patak.
The NFT artwork hasn't been fully revealed, only teased with some of the visuals you see here. But that will premiere in full once the three-day auction kicks off tomorrow, Nov. 18. The winning bidder will also receive exclusive access to fractions before public launch.
It's important to note that a) this isn't in official collaboration with Patek Philippe and b) ownership of the one-of-one NFT doesn't reflect ownership of the underlying asset, only $PTKNAUT1 tokens do. For more intel and info, head here.