This is one of the few usecases of crypto that kinda make sense. If those certs were on a blockchain, Rolex could fold and people in the future might still be able to check for authenticity.

There's more steps involved that I'm not sure could be solved, like, who controls the authenticity Oracle? Is it an API that gets pinged? Do you have to pay a gas or network fee to check authenticity? Could a smart contract be made to automate the work? Maybe it could work like credit card chips, which give out a one-time code to the retailer, who then gets it checked by an online service... except somehow replace the web API with a smart contract.

For larger scale operations, tagging individual items with NFC chips might be cost prohibitive.