Jay-Z participates as an investor, holding shares in online watch marketplace Wristcheck

Jay-Z, Shawn Carter wants to assist in the sale of timepieces in addition to collecting them.

The musician, who has won 24 Grammy Awards, has invested in stock in Wristcheck, an online marketplace for watches. The rapper-turned-business mogul contributed to a recent $5 million fundraising round for the Hong Kong-based company. He owns an impressive collection of timepieces from brands including Richard Mille, Audemars Piguet, Patek Philippe, and Jacob & Co.

Austen Chu, a well-known watch enthusiast on Instagram, founded Wristcheck in 2020 to facilitate the buying and selling of pre-owned watches that have been verified by Swiss watchmakers. Over the last four years, the company has raised approximately $13.6 million from backers including K3 Venture, Gobi Partners GBA, and Alibaba Entrepreneurs Fund. Jay-Z is now a part of the group.

“Jay-Z has always been an inspiration to me as an entrepreneur,” Chu said in a statement. “I grew up listening to his music; his lyrics not only made me aware of watch companies like Audemars Piguet, but they also deepened my passion for timepieces by bridging the gap between pop culture and timepieces.”

Undoubtedly, Hov is investing at an important time. Over the previous four years, there has been a significant fluctuation in the secondary market: the cost of pre-owned wrist candy peaked in May 2022 and has been steadily falling since then. (Currently, there is a buyer’s market, which is excellent if you want to get a Rolex.) Although experts anticipate 2024 to be another challenging year, they are optimistic about the market’s long-term resiliency.

Chu is equally excited about Jay-Z joining Wristcheck: “His support carries immense weight both personally and professionally, as the most influential celebrity watch collector of the 21st century and a certified G.O.A.T.,” he stated. “It’s an important turning point in solidifying Wristcheck as the preferred platform for watch enthusiasts across the globe, and a testament to the trust and community we’ve built.”

Carter is hardly the only well-known person to support an internet watch dealer. Portuguese football player Cristiano Ronaldo and Monaco Formula One driver Charles Leclerc have invested in the billiоn-dollar Chrono24, while American group Bezel has received support from comedian Kevin Hart, artist John Legend, and rapper J Balvin. Apparently, celebrities are optimistic about the industry as well.