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 ETHequivalent to $50,600 each at the time of writing.
We take NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff turns your NFT into a bespoke pendant handcrafted by the artisans of Tiffany & Co.. You will 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
According to a NFTiffs Frequently Asked Questions page, the NFTiff Token Sale is scheduled to launch on August 5 at 9:00 a.m. (CST) and will only be available for purchase of NFTiff Tokens through its website.
Each CryptoPunk is limited to a maximum of three NFTiff tokens which allow them to mint a personalized pendant. There are 87 different attributes and 159 colors that can be used to customize the pendants, and the pendant itself will be 18k rose or yellow gold (based on the NFT color palette).
If all the limited-edition pendants sell, Tiffany & Co should make 7,500 in ETH (currently $12.7 million).
The campaign was first promoted by Tiffany & Co Vice President Alexandre Arnault, owner of CryptoPunk #3167 in April. In a TweeterArnault unveiled his new CryptoPunk in rose gold and enamel, which was transformed with a new set of sapphire and Mozambique-colored crystals and a round yellow diamond earring.
When punks go wild @TiffanyAndCo
Rose gold and Cryptopunk enamel.
Sapphire and mozambique baguette Ruby glasses, round yellow diamond earring.
— Alexandre Arnault (@alexarnault) April 7, 2022
The community reacts
The crypto community on Twitter seems largely excited about the luxury jewelry brand’s new NFT offering.
Twitter user Markfidelman, Marketing Director of agency SmartBlocks, called the NFT project an “incredibly tasteful activation”, adding:
“More Web2 businesses looking to dip their toes into Web3 should learn from the quality of this $NFTiff offering and take notice.”
It’s actually a great way to get into the NFT space. Very “on brand”
A lot of people hate Tiffany’s and think they’re overpriced (they’re a little overpriced, you’re paying for the brand and the packaging).
But there’s clearly a market for them – and it fits that market.
– Zeneca_33 (,) (@Zeneca_33) July 31, 2022
The jewelry company first ventured into NFTs in March, when it bought a Okapi NFT by contemporary artist Tom Sachs for $380,000. Tiffany & Co have since set the rocket-style NFT as their profile picture on Twitter.
On April Fool’s Day (April 1), Tiffany & Co also produced “TiffCoins”, a limited edition of 400 pieces in 18k gold with the company logo individually engraved on each piece.
Luxury brands are no strangers to the crypto space, and many are beginning to accept crypto as payment, such as Gucci, Balenciaga, and FARFETCH.
Last April, Louis Vuitton (LVMH), Cartier and Prada joined forces to launch Will havea consortium blockchain that will use NFTs so high-end buyers can authenticate goods, track products and materials, and also fight counterfeits.