From watchmaking and marketing, to technology and collaboration, since its creation in 1980, Hublot has been at the forefront of innovation. It’s perhaps no surprise to hear the Maison launched its first Web3 experiment as far back as 2020. That particular project was launched to coincide with Hublot’s sponsorship of UEFA EURO 2020 and was one of the very first collections in the space.
Fast Forward three years and Hublot’s latest Web3 collaboration is part four of their partnership with Japanese artist Takashi Murakami. And it’s very unique. The project combines a treasure hunt, storytelling and watchmaking artistry to champion customer loyalty and showcase what’s possible in Web3. The Forward Team sat down with Alex Ballmer (Social Media & Project Manager) and Franck Garnier (Lead Developer & Digital Architect) from Hublot for a sneak behind the scenes of this innovative and entertaining collaboration. Let’s get into it.
How does the Hublot X Murakami collection stand out?
Hublot combined rarity, customer loyalty and exclusive access. First, there are only thirteen watches in the collection. That alone would be exclusive for some brands. However, Hublot took it a step further with token-gated access, creating a tailor-made, hyper-exclusive shopping experience that was almost impossible to achieve before Web3. We explore this more below, but in short, customers needed to own one of 324 Hublot x Murakami digital collectibles, originally released in 2022, to access the collection. Acting as unique identifiers, these collectibles would be the ‘key’ to a custom built e-commerce site. Token-gated is really another way of saying you need ‘this collectible’ to enter ‘this experience.’
Exclusive, tailor made. Now for the next level of innovation: to begin, only twelve of the thirteen watches are available to buy! What? Yes. Now, if you’re wondering how someone can buy the extra special 13th, stay with us, we’ll get to that.
What makes the Hublot X Murakami watches so special?
The technical specifications of each watch are taken from Hublot’s Classic Fusion range. The watches all have the unmistakable Murakami flower design, and, as you can see from the photograph, each has a slight colour variation. Artisans elevated the luxury by placing 384 precious stones into each flower, giving each timepiece a €50,000 price-tag.
Each watch comes with a digital collectible. However, unlike other projects we have covered, the digital collectible is not ‘tied’ to the watch: a client can sell the digital collectible, but keep the watch. Why is this important? Because to buy the 13th watch you have to own all twelve digital collectibles! And one year to do it. Yes, it’s a competitive treasure hunt with only one winner. Such a challenge has never been attempted before. It’s a brave move. Told you this was going to be fun.
We should note here: if nobody wins the treasure hunt, the 13th watch will be auctioned for charity.
What Are The 2 Goals of the Project?
What is the demographic of Hublot? “It’s 80% men, aged 40 to 50,” Alex tells us. “Passionate watch collectors who demand bold and innovative design and technology.” Part of the goal with this collection and collaboration was to attract a younger web3 audience, whilst giving existing clients the exceptional Hublot craftsmanship and innovation they love. “It allowed us to prove to ourselves and everyone else that Hublot can offer this type of cutting-edge experience.”
Why is Web3 Collaboration So Important For Hublot?
Collaboration is powerful in Web3, part of a successful brands strategy, and a tactic Hublot uses to achieve both their goals. The Murakami collaboration mixes brand loyalty, artist relationship, rarity, and competition. But it’s taken a while to get here (the partnership with Murakami began in January 2021). There is obviously a connection, a long-standing relationship between brand and artist. How does Murakami fit into Hublot’s heritage? “At Hublot, there are many ambassadors, but they already have an interest in the brand,” Franck tells us, before adding, “It’s part of our DNA. But it has to make sense.”
Why Is The Murakami Relationship So Valuable?
The Murakami collaboration makes a lot of sense. Having worked with Web3 fashion giant RTFKT (bought by Nike in 2022), Murakami has real legitimacy and respect in the space, not to mention a clear understanding of luxury, technology and its intersection with art. “He understands this milieu,” says Franck.
When speaking at the launch of the collection in New York, Hublot CEO Ricardo Guadalupe explained the brand philosophy behind the collaboration. “Our partnership with Takashi Murakami is allowing us to construct a history that interlinks all the works we have released with Takashi, both digital pieces and the watches themselves. Faithful to its history, Hublot is once again first, unique and different in how it rewards its collectors, providing them with privileged access to both ownership of and trade in unique artistic pieces. Hublot Loves Art!”
Speaking at the launch, Murakami gave his own thoughts (Sorry, we couldn’t speak with him personally for the interview.) “When my collaboration with Hublot was announced, we made it known that we would be adopting new forms of artistic expression. After creating all the time-pieces together, as well as the digital works of art, we are now imagining new ways of accessing contemporary art.”
Unquestionably, Hublot is in a win-win situation with Murakami. But what’s in it for the customer?
Tailor-made, exclusive experience: What’s in it for the customer?
For the impassioned clients of Hublot? First and foremost, an opportunity to own a small piece of Hublot heritage. There is only one 13th watch. There only ever will be.
Then there is that feeling of exclusivity. Hublot created a tailored shopping experience and restricted access. A special experience, for proven fans of the brand. As we mentioned at the start, only owners of the 324 original Hublot x Murakami digital collectibles could access the custom-built e-commerce website.
This use of the technology to ensure the collection was available to a very curated, prestigious audience resulted in a highly personalized and exclusive Hublot experience. A unique, but game-changer for the industry. Is this the most important transformation for the luxury client?
Finally, there is the fun and entertainment factor. This project is a year of mystery, negotiation, haggling and excitement for a small club of luxury watch collectors. A once-in-a-lifetime opportunity that money can rarely buy.
How Does Hublot Measure Web3 Success?
Having tangible, measurable KPIs gives a Maison confidence when experimenting in Web3. The goal was not financial for Hublot/wasn’t to sell NFTs for money but to educate and introduce existing clients to these technologies. Clients who didn’t know anything about Web3 were able to create a wallet and navigate the experience without any problems. With that in mind, how is Hublot measuring success?
Here are some of the indicators the Maison use:
- Sales on the secondary market
- Participation in the contest (among existing clients and the public).
- How quickly the collection sells out
- Image – marketing and feedback in the Web3 and watchmaking press
- Transaction volume: 100 ETH (approx. €170K)
During their first ‘test-and-learn’ project, they produced a 12-episode podcast on Web3 that they used as a training tool. It helped push the internal knowledge of the Maison. Which brings up our last question:
What advice does Hublot have?
“Anticipate all the impacts a project can have,” Franck says. “For us it impacted all departments. Everyone played along.” This is a common insight from every Maison Forward has spoken to about their Web3 projects.
The second piece of advice was particularly pertinent. “Find the right approach for your Web3 project,” Franck adds. “It’s a recent technology, so you have to think about its usefulness.” His thoughts are echoed by Alex. “It has to make sense for your Maison. It can’t be dictated by market trends.”
