Apple Watch is Evolution in Real Time

Could this be the beginning of the end or end of the beginning?
I’m not trying to sound dystopian but an evolution may start where normal watches would join dinosaurs in the archeological dig.
Ok, what happened?
Apple launched a $10,000 smart watch. You heard me right, 100 Benjamins for a digital watch! Not even Seiko ever dreamed of that.
It’s official, Apple got into the wearable fray and everyone sat up. While we thought that the likes of Samsung, LG, Motorola and Pebble are in for a genocide, the actual victims may be far away in cozy Switzerland, oblivious of the catastrophe heading their way; faster and deadlier than a Tsunami.
The market for expensive watches has been around for centuries and it’s every man’s dream to own something he could pass on to the next generation. Till date, their prices have been largely unaffected by the global economy yoyo. The brands are classy and exclusive. The wearers, especially the nouveau riche, are obnoxious and want everyone to notice them.
Money is good.
Why do we even buy these expensive time machines? So that all those tiny chewing gum chicks can know we have arrived? Or maybe get some respect from the old cougars? It is mostly the pass to the rarefied world of the upper class.
Here comes Apple the electronic bully. With a $10K watch, the average dude that has part of his brains in his nether regions may use that as a cheaper alternative. While there are markets for very expensive watches most watchmakers are usually sustained by the cheaper, more affordable models. Take that away, and Rolex executives could find themselves mopping floors of Geneva’s local malls.
Maybe I’m just beefing. Maybe not. But I can’t help feeling schadenfreude.

Author: dejiolowe

Adédèjì is the founder of Lendsqr, the loan infrastructure fintech powering lenders at scale. Before this, he led Trium Limited, the corporate VC of the Coronation Group, which invested in Woven Finance, Sparkle Bank, Clane, and L1ght, amongst others. He has almost two decades of banking experience, including stints as the Divisional Head of Electronic Banking at Fidelity Bank Plc. He drove the turnaround of the bank’s digital business. He was previously responsible for United Bank for Africa Group’s payment card business across 19 countries. Alongside other industry veterans, he founded Open Banking Nigeria, the nonprofit driving the development and adoption of a common API standard for the Nigerian financial industry. Beyond open APIs, Adédèjì works deeply within the fintech ecosystem; he’s the board chairman at Paystack. Adédèjì is a renowned fintech pundit and has been blogging on technology and payments at since 2001.