Swiss-Italian startup Elephants has announced a pre-seed investment of CHF 500,000 and the launch of its luxury watches co-ownership platform. Elephants aims to reshape the luxury watch market by using blockchain technology to make high-end watches more accessible to a wider range of investors.
The platform allows users to buy fractions of high-end watches, which are selected based on their uniqueness, vintage status, and rarity. The watches are then stored in a secure location until they can be sold, with the funds being distributed among the owners.
Elephants co-founder Paolo Catalano mentioned that the luxury watch market has outperformed the S&P 500 by over 100% in the past seven years, making it an attractive asset class for investors. The company aims to democratize opportunities in this traditionally exclusive market and provide access to watch enthusiasts and those looking for alternative assets.
The Elephants platform is now live, and the demand for the first timepiece is already high. Additional campaigns will be launched in the future. Founded in 2022, Elephants operates in compliance with Swiss regulations and is affiliated with the SRO SO-FIT. The Elephants token represents ownership rights to a fraction of the watch and can be transferred.