Stable-watch? Newbie NFT project Chronoly token (CRNO) forays into the luxury watch industry

YEREVAN (CoinChapter.com) – Chronoly crypto is a new project in the digital asset market, as its CRNO token or coin has not hit the exchanges yet. As of publication, the token was in presale. Thus, no information is available on the CRNO crypto price except the $0.02 value mentioned on the project’s website and paid promotions.

What is Chronoly token?

Chronoly crypto claims to grant luxury watch ownership to traders, which gives the phrase “digital watch” a whole new meaning. Any trader can use CRNO to acquire an NFT of a high-end watch, like Rolex or Richard Mille.

Each NFT watch we mint is backed by a real physical watch. […] The watch NFT is then broken down into fractions, allowing anyone to own part of the watch from as little as $10. Users can trade their fractions 24/7 on Chronoly’s secondary market or on an […] NFT marketplace such as Opensea.

clarified the whitepaper.

Also read: BitFinex's Unus Sed Leo eyes a 15% after outperforming the crypto market in 2022

Moreover, the project asserted investors could “redeem the physical watch from the Chronoly vault” if they acquired 100% of the watch’s NFT fractions. However, owning the physical item and burning the NFTs involved seems to defeat the purpose of obtaining the NFTs in the first place, as owners can use them as collateral for lending.

Chronoly also claimed to give watch enthusiasts a foray into a historically illiquid asset class. In addition, the project “lowers the barriers” to owning a luxury timepiece. Thus, it would interest a rather specific audience.

Also read: Bitfarms stock BITF down 80% from November record high – time to buy the dip?

Is CRNO crypto a scam?

CRNO is a new coin still in the presale stage that hasn’t scored any listings yet. However, the website does not give off many scam red flags, albeit not featuring the team behind the project.

Meanwhile, Chronoly presented an audit report from SolidProof, a Germany-based blockchain security company. The report included several minor issues, like missing zero-address validation, but greenlighted the project overall.

Also read: Bitcoin week ahead Ep22: Dollar's bullish return could put BTC en route to $25-26K next.

Additionally, Chronoly crypto presented CRNO coin tokenomics and the distribution of funds after the presale.