Tiffany & Co. has decided to up its position in the NFT arena. The luxury jewellery brand has announced the sale of 250 pendants, embedded with diamonds and gemstones, inspired by CryptoPunks NFT pieces. The pendants will be hand-carved and each of them will cost ETH 30, that extravagantly amounts close to $50,600 (roughly Rs. 40 lakh). Tiffany is calling this undertaking “NFTiff”. Once the pendant is complete, it will also be sent to its owner as a separate NFT.
Launched in 2017, CryptoPunks is a popular NFT collection built by Larva Labs on the Ethereum blockchain. Digital collectibles from this series are 10,000 avatars of art characters resembling humans and animals. All the pieces are unique and differ from one another.
As per CoinGecko, CryptoPunks (PUNK) floor price today is $119,344.53. As of Monday, August 1, there is a total of 9,999 NFTs minted, held by 3,559 unique owners, and has a total market cap of $1,193,325,944.73 (roughly Rs. 9,446 crore).
The 185-years old jewellery brand shared glimpses of the bejewelled CryptoPunk NFT pendant on Twitter.
The company, founded in 1837, has also published a blog post revealing more details on NFTiff.
“NFTiffs represent a collection of 250 digital passes, offered by Tiffany & Co. which may be minted when purchased and redeemed by CryptoPunks holders for the creation of a custom designed pendant and a NFT digital artwork that resembles the final jewellery design. The pendant will be designed and crafted by Tiffany & Co. artisans, and inspired by the Cryptopunk owner’s Punk NFT. Only 250 NFTiff passes will be available for purchase. Each customer may purchase a max of 3 NFTiffs,” the blog said.
Each NFTiff piece will use up to 30 gemstones including diamonds, sapphires, amethyst, and spinel to physically recreate the custom designs. The pendant itself will be composed of 18-Karat rose or yellow gold metal.
“Anticipated delivery for the physical good is in early 2023, though the digital NFTiff is available to view once the final rendering is completed as a standalone custom 1 of 1 NFT on the Ethereum blockchain,” Tiffany noted.
The NFTiff token sale is set to launch on August 5 and people can only apply on it via the official website of Tiffany & Co.
Meanwhile, the public response on Tiffany making a link to the NFT sector has left the community ecstatic.
Tiffany is a nearly 200 year old brand entering the nft space, pretty freaking rad if you ask me.
— SarahScript (@sarah_script) July 31, 2022
This is actually a really excellent way to enter the NFT space. Very much “on brand” :pinched_fingers:
Lots of people hate Tiffany’s and think they’re overpriced (they kinda are, you’re paying for the brand and packaging).
But there’s clearly a market for them — and this suits that market :fire:
— Zeneca_33 (:crystal_ball:,:fire:) (@Zeneca_33) July 31, 2022
It is expected that celebrity owners of CryptoPunks NFTs could soon flaunt their Tiffany pendants. Jay-Z, Serena Williams, and Logan Paul are among famous people who own CryptoPunks NFTs.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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