Meet Banugat, a watch brand leveraging the use of NFTs to lend its watches out to watch lovers.
You may ask, “How is this possible?” Well, since every owner of an authentic Banugat wristwatch must have a copy of the NFT it is paired with to resell, borrowers of the watch will not be provided with the NFT it is paired with. Solving one of the problems the fashion rental industry is facing with high ticket items.
How does it work?
– Select a style you would like to borrow
– Pay security deposits
– Expect delivery.
(Wristwatch giveaway at the end of this article)
Banugat’s Story (A very interesting one so far).
Dyran Odunuga; founder of a UK-based wristwatch brand called Banugat. In 2014, He was an IT
security student who realized he was a practical learner and not the one to sit in a classroom.
This same year, he caught the bug… the “wristwatch lover bug”. Bought 3 watches in the space of 1 month; chasing different styles and feelings. He realized that this could be a passion, and decided to use this as a practical learning curve. Let’s become a fashion accessories designer then!
Previous Collections (Journey so far).
The adventure began with a rough idea & collages of different watches on Adobe Fireworks. Then got in touch with different manufacturers to see who can bring his ideas to life. In the bid to be
different from other watch brands, he wanted the middle of the straps to be translucent blue.
He quickly realized that this compromises the durability of the watch strap after stress testing. He then shifted his focus to the dial-in search of something that would make his collections stand out.
This he focused on for the next 2 collections.
The above collections were listed on Kickstarter in order to mass-produce them. However, this was unsuccessful. Only his friends and family backed the project. He didn’t realize that he had to market his Kickstarter campaign. A common mistake for a practical learner, right? Just dive in head first, no helmet.
After the failed Kickstarter campaign, he didn’t let that deter him. He felt the next step was to create a variety of watch samples that he could give to watch buyers representing different fashion houses for review. He then proceeded to create the 3rd collection.
When the watches arrived, multiple photoshoots were organized before he took them all to watch shops around Birmingham & Wolverhampton. 99% of them said no. The 1% that said yes was a local watch shop owner he became friends with (Thanks Luke!). He agreed to have the watches displayed at his store. This was great news! Things were finally looking right! The watches were displayed to gather interest, feedback & possible purchase.
The Silver Lining
The delight of the store’s placement was short-lived, as the next day it got robbed! Banugat watches were gone too! This was shocking news, but he also saw another perspective that made him laugh; “The watches were so good they had to be stolen”. Apart from this, Luke informed him that the store is insured and the watch company would reimburse Banugat. There was a sigh of relief there. Sales in the way he never expected.
After this, he was ready for another collection. He went back to the drawing board. He wanted to give his next collection a purpose. Something to help remind a Banugat watch owner to take a break. This was something he was struggling with at the time (breaks are good).
He started networking with manufacturers in Switzerland and visited different factories
Unfortunately, this collection did not see the light of day. The concept & purpose just didn’t
feel solid. He decided to take a break to find his USP (Unique selling point). To top this all up, the popularity of smartwatches was rising, re-affirming the need for a pause.
One day, on his way back from an art gallery, He thought to himself; “I spend a lot of time in art galleries, why don’t I have art on my wrist?”.
During his hiatus, He discontinued his studies and got a job. Sketches upon sketches designs on photoshop, both at work and in spare time. Some made it to social media, but a vast amount stayed on his hard drive. “The key to a great design is character; an easy conversation starter if you will”.
Banugat Watches & NFTs; How does it work?
NFTs I’m sure you’ve heard a lot about them by now. But if you haven’t, NFTs (Non-Fungible Tokens) are simply digital unique identifiers (Like a ticket). They can be used in the fashion industry to authenticate items. How? You may ask.
After minting your NFT, this is your ticket to enter the giveaway. The winners of the giveaway will be announced after our giveaway campaign ends.
The winner’s NFT QR code will be engraved onto the watch’s case back. The delivery date will be arranged with the winner, then shipped.
Banugat watches are to be sold with their NFTs. Any watch being sold without its paired NFT should be assumed to be counterfeit or stolen. Our official wallet address can be found here to verify the origin of the NFT.
We are giving away a total of 4 watches valued at a total of over £6,000 to 4 lucky winners.
To win, all you need to do is mint an NFT £20 (approximately $25) or pre-order any of the 4 watch
We have 4 different styles to choose from; Renaissance, Banksy, Gobble, & Candy Ways. Read more about all 4 collections and specifications here: Banugat Website.
Each style has a maximum of 250 unique NFT variations.
If you didn’t win a watch from our giveaway, you will receive a 10% discount on borrowing, buying, or using our bespoke service.
There will be a limited number of watches available to Buy & Borrow.