American jewelry brand Tiffany & Co. has unveiled its limited-edition CryptoPunks necklaces. The company announcement development via Twitter. Tiffany and Co. has teamed up with popular crypto startup Chain to unveil the necklaces.
According to the American jewelry brand, the new collection of crypto punk necklaces will include “diamond-plated pendants”. Additionally, Tiffany and Co. insisted that the collection will have 250 editions of NFTiffs. It states that only CryptoPunk owners will have access to the collection. Notably, its partner, Chain, is in charge of managing the collection’s backend functionality while Tiffany and Co. will handle its sales.
The luxury brand further stated that all 250 personalized diamond-oriented necklaces will be auctioned off. As revealed, a single necklace has an attached price of 30 ETH, which equals $50,000. As seen on the mark website, each necklace in the collection is designed to possess a combination of 30 gemstones and diamonds. Tiffany also announced plans to start selling by Friday.
CryptoPunk holders are required to purchase the editions as NFTs. Then they are supposed to exchange the collars for physical use. Recall that the CEO of the crypto startup, Deepak Thapliyal, last week informed the community about Chain’s ongoing partnership with Tiffany. Thaplyal, in a Twitter Publishtold the community to be careful about the collaboration of the two companies.
Also, in April, the vice-president of products and communication at Tiffany, Alexandre Arnault, gave a To tease about collection. The VP said the collection exemplifies similar attributes to CryptoPunks #3167 which he owns. He added that the pendant comes in rose gold encrusted with yellow diamonds, Mozambique rubies and sapphires.
Controversies have begun to hail the price attached to the new CryptoPunk collars. As observed, some members of the Twitter NFT community condemned the price, describing it as very expensive. A user, Allen, decried the high price, pointing out that he doesn’t need Tiffany’s collection to immortalize his CryptoPunk.
Similarly, the co-founder of the immersive generative audio project, Blocktones, expressed his dissatisfaction with the “high price” attached to collections. According to him, Tiffany is trying to raise more than 12.7 million from the sale of all NFTs. He considers it “hilarious”.
However, some users supported the price attached to the NFT collection. A user asked how people could expect something cheap from a luxury jewelry brand. Additionally, the CEO of Zen Academy bliss Tiffany’s initiative, saying the launch remains a “great way to enter the NFT space.”
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