Tiffany & Co. creates NFTs and physical jewelry worth $50,000 for CryptoPunks
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Luxury jewelry brand Tiffany & Co. is launching an NFT collection exclusive to CryptoPunk holders. The NFTiff drop includes 250 NFTs, along with redeemable physical pendant necklaces, each priced at 30 ETH (currently over $51,000).
NFTiff holders will get a digital collectible and a pendant with a chain, shipping and handling included. The NFTs can only be purchased via the official website, and the sale begins on August 5.
The project is led by Alexandre Arnault, the executive vice president of product and communications at Tiffany & Co. Arnault owns a CryptoPunk and believes in the potential of Web3. To drop the NFTs, Tiffany partnered with Web3 tech company Chain.
The jewelry piece is crafted from 18K gold and 30 gemstones. The CryptoPunks will be represented accordingly by using various colors of gems and diamonds as pixels, outlined with gold borders.
Some users are surprised by the high mint price. However, the CyptoPunk-customized NFT comes with physical jewelry by one of the world’s top jewelry crafters. In addition, CryptoPunks is the most expensive all-time NFT collection.
The 24-hour sales volume of CryptoPunks has seen an increase of 1,593.22%.
According to ENS Sales Bot, the “tiffany.eth” name service was bought on the same day as the announcement, July 31, for 29 ETH.
NFTiff collection isn’t the jeweler’s first appearance on Web3. In April, the brand launched its own digital token, TiffCoin, which represents the legacy of Tiffany & Co. The coin holders have access to exclusive products and NFT releases, as well as invite-only events. The same month, Tiffany created rose gold and enamel earrings dedicated to CryptoPunk #3167.
The LVMH-owned brand has also made NFT purchases before. In March, Tiffany acquired Okapi NFT from Tom Sachs: Rocket Factory for 115 ETH, which marked Tiffany’s entrance into the Web3 space.
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