Crypto has faced an overwhelming downfall since the start of May. Many cryptocurrencies have faced their lowest ever prices. However, this has further caused something shocking. The prices for secondhand luxury products have substantially increased.
Many analysts around the world have voted for Rolex to be the first prey of this Crypto situation. The unnerving drawbacks have put the investors into great peril.
When this year started, secondhand goods were the talk of the town. They were facing brilliant sales. However, after the arrival of May, the party era sort of ended. The prices of secondhand market products declined significantly. This also featured the Rolex Daytona. Crypto had a huge impact on the secondhand market. Especially in the watch sector. The demand seems to be hitting new lows everyday.
Cryptocurrencies influenced a lot of things. Couple of them were the purchasing of NFTs and Watches. To be precise, crypto made sure people start investing in ulterior assets. When people saw how stock markets are changing and people who are investing are receiving a potent cash flow, more and more wanted to join. Although this was all before May. Things have entirely changed now.
The most famous watches were only three. Rolex Daytona, Patek Philippe Nautilus and Audemars Piquet Royal Oak. But this is where things get interesting, the squad of three faced a surprising new entry. Richard Mille’s RM series was also the flag bearer of investment.
Bitcoin is said to be the indicator of success for cryptocurrencies. Well the digital company has faced a 70% downgrade since the start of this year. This has led to the demand getting invisible all of a sudden. Subsequently, the interest rates have multiplied and inflation is on the door again. To further indicate the Math, the royal squad of three, Rolex Daytona, Patek Philippe Nautilus and Audemars Piquet Royal Oak have faced a 25% downgrade. They were the most in form timepieces previous year.
Not to mention that some brands have made genuine success with the downfall of the elitists.
Watches in the secondhand sector are more feasible to afford yet they have become untouchable. We should not expect new arrivals to come by until 2 more years. Brands like Rolex are tirelessly working on improving their stand.
Its fair to say that the secondhand department of luxury bags has all faced the same consequences. Still can be ruled out for having the same impact as the timepieces.
The question still remains of how the times are changing. The timepiece dilemma might just be posing a great threat for the future. The retail and secondary buying might just be on the verge of vulnerability.
Credible mentions might also include the demand for sneakers, clothing and jewellery. They were also enjoying a great time until the crypto entered a bad patch.