A Quick Bite for Tiffany’s NFT Drop – Raises 12.5 Million Instantly

Tiffany's NFT Drop

  • Tiffany and Co. sold 250 pieces in less than 20 minutes.
  • The average price of an NFT is set as 30ETH by Tiffany and Co.

Tiffany and Co. became the latest and biggest brand to enter the NFT industry with a fixed amount of Ethereum-based tokens and related CryptoPunks with a jewelry theme. And the decided price is 30ETH, and 250 pieces got sold in less than 20 minutes.   

The information of selling out 250 NFTs was posted on official twitter handle of Tiffany

Globally renowned luxury jeweler brand launched their first NFTs collection on the sixth of August; the series of 250 crypto punks are inspired by digital passes dubbed “NFTiffs.” The estimated cost of an NFT was set as 30ETH and, as per today’s prices, 4,084,635 Indian Rupee.  

The NFT collection was sold in just 20 minutes, and the total amount gathered after selling was around $12.5 million. Tiffany Co. has launched the NFTs collection on the Ethereum blockchain with the help of Chain Protocol.    

NFTiifs are defined as the digital passes that CryptoPunk NFT holders redeem for the use of digital artwork on their original Punks. Every piece of digital artwork will accompany the luxury pendant in the same design.  

The pendants are luxury items in themselves and are made of gold and valuable stones selected carefully to accord with every CryptoPunk’s different traits. And they are believed to be exported at the starting of 2023.   

The Crypto market has been going through crypto winters for a certain time, but the NFTs sector has contributed majorly to rebuilding the digital assets market in the last few years. Many big brands developed in the NFTs sector and helped digital asset users to introduce them with a New concept of digital NFTs in the current era.     

Source: https://www.thecoinrepublic.com/2022/08/06/a-quick-bite-for-tiffanys-nft-drop-raises-12-5-million-instantly/