The customized pendants are set to cost 30 ETH a pop and will go on sale on August 5.
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
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
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: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
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
— Alexandre Arnault (@alexarnault) April 7, 2022
#3167
Rose gold and enamel Cryptopunk.
Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.
LFG! pic.twitter.com/M2c8AmwU0R
Community reacts
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"
— Zeneca_33 (,) (@Zeneca_33) July 31, 2022
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
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.
Related: Gucci the latest luxury brand to accept crypto payments in store
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 link : https://cointelegraph.com/news/tiffany-co-turning-cryptopunk-nfts-into-50k-custom-pendants
