- New World Solutions (CSE:NEWS) has acquired a 51 per cent stake in DialMKT Corp., entering the multibillion dollar global wristwatch market
- DialMKT is developing a blockchain-powered digital ecosystem that integrates content, e-commerce and community, targeting the multi-billion-dollar global wristwatch enthusiast market
- The company pointed to a recent McKinsey & Company report that stated that the global market for pre-owned watches is valued at US$31 billion, with luxury brands such as Rolex and Cartier dominating the sector
- New World Solutions opened trading at $0.025 per share
New World Solutions (CSE:NEWS) has acquired a 51 per cent stake in DialMKT Corp., entering the multibillion-dollar global wristwatch market.
Hoping to do what CARFAX did for the pre-owned car market for consumers, DialMKT’s goal is to achieve the same for the pre-owned watch market. DialMKT is developing a blockchain-powered digital ecosystem that integrates content, e-commerce and community, targeting the multi-billion-dollar global wristwatch enthusiast market made popular by celebrities from the likes of Sylvester Stallone to Cristiano Ronaldo.
In a news release, the company pointed to a recent McKinsey & Company report that stated that the global market for pre-owned watches is valued at US$31 billion, with luxury brands such as Rolex and Cartier dominating the sector. The overall watch market, which includes new watch sales through authorized dealers, is estimated to be worth US$75 billion. The company noted that it has noticed the watch-collecting trend gaining traction among millennial and Gen-Z collectors, which could mean long-term growth potential.
DialMKT’s e-commerce platform is expected to launch in the next 30 days, just in time for the Q4 holiday season.
Through its blockchain and technology involvement, New World Solutions Inc. leverages solutions in the decentralized finance space as well as the electric vehicle area. It provides shareholders with exposure to various areas of decentralized finance through several wholly owned subsidiaries.
New World Solutions stock (CSE:NEWS) opened trading at $0.025 per share and has risen 25.00 per cent since the year began.
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(Top image via New World Solutions Inc.)