Elephants' first three campaigns were a tremendous success. In just ten days each, co-owners were attracted for three iconic luxury watches. A total of almost 150,000 Swiss francs was raised. The Ticino-based start-up is constantly expanding the platform, and the next big step will be the launch of a secondary market.
Elephants, a co-ownership platform for luxury watches, celebrates key accomplishments as it forges new paths in luxury watch ownership through tokenization. The recent triumphs in its initial campaigns and strategic developments underscore the startup’s commitment to redefining the dynamics of high-value asset ownership.
Successful campaigns and rising demand
Elephants reported substantial success with its first three campaigns, all concluding within a mere 10 days on average. This rapid achievement reflects an increasing demand for accessible ownership of iconic luxury timepieces.
The initial campaign spotlighted the sought-after Patek Philippe Nautilus 3800/001, securing a notable CHF 62,000, underscoring Elephants' capacity to satisfy the market's appetite for rare and exceptional watches. The subsequent campaign featured the Rolex Submariner 16808 "Nipple" Dial, available to co-owners for CHF 35,000, reaffirming Elephants' commitment to providing a diverse range of luxury timepieces. A third campaign has just been closed, with a Rolex Daytona Zenith Patrizzi 16520 – characterized by its unique dial, which develops a distinct brown hue over time, making each watch truly one-of-a-kind – securing CHF 39,000. The combined success of these campaigns saw Elephants raise an impressive CHF 136,000, demonstrating the platform's potential to redefine luxury watch ownership through co-ownership.
Global reach and user base expansion
Elephants has garnered global attention, drawing users from 24 countries to participate in co-ownership campaigns. This international diversity emphasizes the universal appeal of luxury watch co-ownership. “These numbers underline the global interest in co-owning luxury watches” – said Paolo Catalano, CEO and co-founder – “We are experiencing exponential growth in our user base, with over 1 thousand registered users and a waiting list of more than 7,000 people”.
Elephants is committed to enhancing the co-ownership experience: “Several new features are coming to the platform to enhance the user experience” – said Gianvito Grasso, CTO and co-founder – “In our last campaign, users already had the option to pay with cryptocurrency, adding a new level of flexibility and convenience during the purchase process.” By the first quarter of 2024, Elephants plans to launch its secondary market, allowing members to sell ownership tokens to other Elephants members, irrespective of the underlying asset. This innovative feature aims to democratize luxury watch ownership and offer opportunities to new users and enthusiasts.
In line with its commitment to sustainable growth, Elephants is actively pursuing a new funding round. This strategic move aims to enable the company to scale its operations, expand its product offerings, and enter new markets.
(Luca Calderara)
Picture: Elephants Cofounders (L-R): Paolo Catalano, Gianvito Grasso
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