Tiffany & Co turning CryptoPunk NFTs into $50K custom pendants
Luxury jewelry brand Tiffany & Co has announced the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk non-fungible token (NFT) holders.
The handcrafted CryptoPunk pendants were announced by the jewelry brand on July 31 on Twitter, and are priced at 30 ETH, equivalent to $50,600 each at the time of writing.
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: #NFTiff #TiffanyAndCo — Tiffany & Co. (@TiffanyAndCo) July 31, 2022
According to an NFTiffs Frequently-Asked Questions page, the NFTiff token sale is set to launch on August 5 at 9 am (CST), and will only be available for purchase NFTiff tokens via its website.
Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to mint a customized pendant. There are 87 different attributes and 159 colors that can be used to custom design the pendants, and the pendant itself will be composed of 18-Karat rose or yellow gold (based on the color palette of the NFT).
Should all the limited edition pendants sell out, Tiffany & Co stands to make 7,500 in ETH (currently $12.7 million).
The campaign was first promoted by Tiffany & Co vice president Alexandre Arnault, who owns CryptoPunk #3167 in April. In a tweet, Arnault revealed his new rose gold and enamel CryptoPunk, which was transformed with a new sapphire and Mozambique-colored set of glasses and a yellow diamond round earring.
When punks go wild at @TiffanyAndCo #3167Rose gold and enamel Cryptopunk. Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring. LFG! — Alexandre Arnault (@alexarnault) April 7, 2022
The crypto community on Twitter appears largely excited about the new NFT offering from the luxury jewelry brand.
Twitter user markfidelman, CMO of SmartBlocks Agency, called the NFT project an “incredibly tasteful activation,” adding:
“More Web2 firms looking to dip their toes in Web3 need to be learning from the quality of this $NFTiff offering and taking notes.”
This is actually a really excellent way to enter the NFT space. Very much "on brand" 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 — Zeneca_33 (,) (@Zeneca_33) July 31, 2022
The jewelry company first ventured into NFTs in March, when they purchased an Okapi NFT from contemporary artist Tom Sachs for $380,000. Tiffany & Co have since set the rocket-styled NFT as their profile picture on Twitter.
On April Fools’ Day (April 1), Tiffany & Co also produced “TiffCoins”, a limited-release of 400 18-Karat gold coins with the company logo individually engraved on each coin.
Luxury brands are no strangers to the crypto space, with many beginning to accept crypto as payment, such Gucci, Balenciaga, and FARFETCH.
Last April, Louis Vuitton (LVMH), Cartier, and Prada joined forces to launch Aura, a consortium-blockchain that will utilize NFTs so that high-end shoppers can authenticate goods, track products and materials, and also fight counterfeits.Source