The luxury jewelry and specialty retailer Tiffany & Co. announced the firm is planning to sell 250 non-fungible token passes called “Nftiff.” Essentially, Cryptopunk holders will be able to acquire one of the 250 Nftiffs for 30 ether or roughly $50K using today’s ethereum exchange rates.
Tiffany & Co. Reveals Limited Edition Jeweled Cryptopunk Pendants Backed by 250 Non-Fungible Tokens
30 ETH was trending on Twitter on Sunday afternoon after the luxury jewelry firm Tiffany & Co. (NYSE: TIF) announced: “The future is here and it’s called Nftiff.” Essentially, Nftiff is a new Tiffany’s product that aims to combine the beauty of digital collectibles and luxury jewelry. The company’s blog post about the limited edition Nftiff products notes the wares represent a collection of 250 digital passes.
However, Tiffany’s Nftiffs can only be purchased by Cryptopunks NFT holders and a customer is limited to purchasing three Nftiffs. The buyers will get a custom-designed pendant and NFT that resembles the jewelry. Each Tiffany’s Nftiff will sell for 30 ethereum (ETH) on August 5, 2022, at 10:00 a.m. (EST), and at the time of writing, 30 ETH is roughly $50,481. Buyers will get the NFT, pendant, and shipping after paying for the Tiffany’s-brand NFTs.
“Tiffany & Co. designers will interpret each Cryptopunk into custom-designed pendants – converting the 87 attributes and 159 colors that appear across the collection of 10,000 Cryptopunk NFTs to the most similar gemstone or enamel color,” the company’s blog post details. The luxury jewelry company added:
Depending on which Cryptopunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art. Examples of gemstones include but are not limited to Sapphires, Amethyst, and Spinel.
Tiffany’s Digital Collectibles Announcement and the 30 Ether Price per NFT Spark Conversations on Social Media
Tiffany’s Nftiffs were a topical conversation on Twitter, and many people commented on how expensive they were. “Tiffany’s is releasing 250 NFTs for 30 ETH each = $11 Million. In this market,” one individual wrote. “My desire to start a Web3 strategy consulting firm increases every day,” the person added. One individual who said they put blue-chip NFTs on jewelry before Tiffany’s came up with the idea, tweeted about the upcoming Tiffany’s NFT launch. Nftjeweler.eth said:
When I put Cryptopunks on Jewelry, everyone made fun of me. Now [Tiffany’s] is about to drop 250 Punk chains and sell out for 30 ETH each.
Tiffany’s says that people need to make sure that they are interacting with the official Nftiffs contract and the firm stresses that nft.tiffany.com is the only site that will sell Tiffany’s Nftiffs. Tiffany’s collaborated with the Web3 and blockchain cloud infrastructure company Chain and nft.tiffany.com simply features a countdown clock and a link to the FAQ page.