Tiffany & Co are turning CryptoPunk NFTs into expensive custom pendants, which will be personalized and will be available for purchase on August 5 for 30 ETH each.
For owners of CryptoPunk non-fungible tokens (NFT), luxury jewelry company Tiffany & Co. has announced the sale of 250 pendants encrusted with diamonds and gemstones which will be minted with NFTiff tokens.
The handcrafted CryptoPunk pendants, which cost 30 ETH, or, as of this writing, $50,600 per piece, were announced by the jewelry company on July 31 via Twitter.
We’re 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
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
The NFTiff token sale is scheduled to begin on August 5 at 9 am (CST), and NFTiff tokens can only be purchased through the NFTiff website, according to the NFTiffs Frequently Asked Questions page.
Each CryptoPunk is only permitted to mint a single pendant using a maximum of three NFTiff tokens issued by Tiffany & Co. The pendants can be made to order using 159 colors and 87 different attributes, with the pendant itself being made of 18-karat rose or yellow gold (based on the color palette of the NFT).
Tiffany & Co. could profit 7,500 ETH (currently $12.7 million) if all the limited-edition and personalized pendants are sold out.
Alexandre Arnault, a vice president at Tiffany & Co. and the owner of CryptoPunk #3167, first publicized the campaign in April. Arnault unveiled his new rose gold and enamel CryptoPunk in a tweet. It had been upgraded with a new pair of sapphire and Mozambique-colored glasses and a round yellow diamond earring.
Community reactions
The new NFT offering from the upscale jewelry company appears to have generated a lot of excitement in the crypto community on Twitter.
CMO of SmartBlocks Agency and Twitter user markfidelman 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.
The jewelry company made its first foray into NFTs in March when it paid $380,000 for an Okapi NFT created by contemporary artist Tom Sachs. Since then, Tiffany & Co. has made the NFT-style rocket their Twitter profile picture.
On April 1st, Tiffany & Co. also released 400 18-karat gold “TiffCoins,” a limited-edition product with the company logo individually engraved on each coin.
Luxury brands have a long history in the cryptocurrency industry, and many have started to accept cryptocurrency as payment, including Gucci, Balenciaga, and FARFETCH.
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