Tiffany & Co. has announced the launch of its handcrafted bespoke pendants exclusive to CryptoPunks NFT holders, in what it calls the NFTiff collection. The NFT necklaces will go on sale on August 5, 2022, with a price tag of 30 ETH each.
30 ETH-Priced NFTiff
In what might be the most expensive NFT collection in history, the luxury jewelry brand, Tiffany & Co., has unveiled NFTiff; diamond-encrusted CryptoPunk necklaces. Going on sale by August 5, 2022, at 10:00 am EST, each necklace will cost a staggering 30 ETH, which is about $50,000. Only 250 passes will be available, and buyers will also receive an additional NFT version of the pendant.
According to the tweet by Tiffany and Co., the NFTiff service is taking NFTs to the next level, as it transforms the CryptoPunk NFTs. Each necklace will be a custom-designed creation inspired by the CryptoPunk NFT of the holder, and a customer may purchase a maximum of three NFTiffs.
The NFTiff website informs that the pendant will be in an 18k rose or yellow gold palette, depending on the specific NFT, and each piece will have “at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the FT art.” The gemstones will include Sapphires, Amethyst, and Spinel.
The deadline to redeem an NFTiff is August 12, 2022.
In-roads into the NFT Market
At a time when major NFT creators are lowering their prices and free mints are becoming increasingly popular, NFTiff is emerging as the most expensive public sale of any NFT. NFTs are known for their exorbitant sums. However, these costly sales are usually transacted at secondary marketplaces like OpenSea or at auctions. According to CNET, by making this sale exclusive to holders of CryptoPunks, Tiffany targets the most affluent NFT collectors, as CryptoPunks rarely go for prices less than six figures.
A CryptoPunk is one of a finite number of 10,000 NFTs stored on the Ethereum blockchain. One of the earliest NFTs, CryptoPunks was founded in 2017 and has since grown to be one of the most sought-after digital collectibles. Since every CryptoPunks NFT is individually generated, no two are exactly the same.
Tiffany & Co. is not the first high-end retailer or the most unlikely company to travel into the world of non-fungible tokens. From Louis Vuitton and Gucci to FC Barcelona and Franck Muller, NFT marketplaces are alive with launches by businesses branching out and tapping into NFT as a business option.
Arguments like which NFT marketplace is better might keep coming up as the NFT technology gets more widely adopted and questions as to the potential and application of this form of digital asset will remain, but what no crypto enthusiast can deny is that NFTs will disrupt or revolutionize many industries.
The CEO of, Chain, the Web3 and Blockchain cloud infrastructure startup, Deepak Thapliyal, gave a hint about the collection in a tweet on July 24, 2022. Chain will be taking care of the backend part of the NFTiff launch.
Different reactions have trailed the announcement, especially on the price. But as Kevin Rose, founder of Moonbirds, tweeted, this is a huge win for NFTs.
Source: https://crypto.news/luxury-brand-tiffany-co-unveils-cryptopunk-nft-themed-jewelry/