Luxury jewelry brand Tiffany & Co has announced its position in the NFT arena as it made the sale 250 diamond and gemstone encrusted pendants for CryptoPunk nonfungible token (NFT) holders.
The handcrafted CryptoPunk pendants were announced by the jewelry brand on Sunday on Twitter, and are priced at 30 Ether (ETH), equivalent to $50,600 each at the time of writing. Tiffany is calling this undertaking “NFTiff”. Once the pendant is complete, it will also be sent to its owner as a separate NFT.
According to an NFTiff’s FAQ page, the NFTiff token sale is set to launch on August 5 at 2:00 pm UTC and will only be available for purchase NFTiff tokens via its website.
NFTiff Token and CryptoPunk
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. The pendant itself will be composed of rose or yellow gold, based on the color palette of the NFT.
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.
Should all the limited-edition pendants sell out, Tiffany & Co stands to make 7,500 in ETH, currently $12.7 million at the time of writing.
“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 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.
Public Reactions to Tiffany & Co. Announcements
Meanwhile, the public response on Tiffany making a link to the NFT sector has left the community ecstatic. The crypto community on Twitter appears largely excited about the new NFT offering from the luxury jewelry brand.
https://twitter.com/sarah_script/status/1553846378710827008?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1553846378710827008%7Ctwgr%5E5460359d72a02ef328e7e3047e82937091bae24e%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fgadgets360.com%2Fcryptocurrency%2Fnews%2Ftiffany-transform-250-cryptopunks-nft-diamond-gemstone-pendants-3212836
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.
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.
In 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 Brnads Adoption of Crypto and Metaverse
Luxury brands are no strangers to the crypto space, with many beginning to accept crypto as payment, such as Gucci, Balenciaga and Farfetch.
Last April, Louis Vuitton, 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.
