At the peak of cryptocurrency’s hype, many celebrated buying a Rolex. But ever since the market’s collapse, crypto bros aren’t investing in luxury timepieces like they used to. According to a report from online watch trading platform Chrono24, the supply of trophy watches “is now much larger,” and has significantly impacted the price of models from brands including Rolex and Patek Philippe.
Timepieces such as the Rolex Daytona and Patek Nautilus 57HA were once some of the most sought-after watches on the second-hand market. Cryptocurrency’s high valuation brought on an influx of new luxury buyers, which led to a price increase on multiple brands and models.
