Your method works, it’s more complex than mine but also more flexible. Attaching NFTs to physical goods as a means of authentication is a good idea but It’s not perfect. You can still separate the real Rolex from the NFT and transfer the copy with the fake but at least you only have one instance of a fake out there. Still even with a simple solution like a database there should only be one instance, the only thing the blockchain adds is the ability to have a private key that prevents unauthorized transfers in the database though even that should be possible to add to a database without resorting to blockchain. Ultimately if the database is setup correctly the only difference between Blockchain and database is that trades can occur without an authorized shop to facilitate the exchange and even there a database could be used because the key is really just the same as a password so really we’re talking hacker resistance. Also if you want to be able to fix entries and roll stuff back then Rolex needs a set of private keys on the blockchain. If those are lost the blockchain entries get compromised as well.

IMO blockchain is a solution looking for a problem. Almost always when dealing with physical goods it falls back on some single exchange to authenticate the validity of the token and transfer the thing or the license/right. The only place that seems to be a non issue is digital currency where there is nothing to transfer and the value comes from the scarcity of the token itself.