Dive Brief:
- Joining the luxury trend, Tiffany & Co. plans to release a collection of 250 non-fungible tokens on Friday, which can be redeemed by buyers for a pendant called an NFTiff, according to a webpage from the jewelry retailer. A presale will open on Wednesday to 100 CryptoPunks holders who have been whitelisted by the brand, per a Tweet from the company.
- Each NFT, including the redeemable pendant designed to look like the NFT avatar, costs 30 ethers, according to the NFTiff FAQ webpage. At the time of publishing, that is worth more than $47,000.
- Shoppers are limited to buying a maximum of three NFTiffs, which is over $140,000. The collection of NFTs comes from the CryptoPunk collection, a “highly sought after” set of 10,000 NFTs launched in 2017.
Dive Insight:
With necklace pendants being made of 18-karat rose or yellow gold, even Audrey Hepburn might have been interested in getting an NFTiff.
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 NFTiffs are designed to emulate the CryptoPunk NFT avatar that is purchased. Since each CryptoPunk NFT is unique, no pendant will be the same and each will have variations in materials and colors used. Each pendant will have at least 30 stones varying from diamonds to sapphires, and some will feature special baguette stones.
NFT sales have slowed in recent months, with June’s monthly transaction volume on OpenSea, the largest NFT marketplace, being less than a third of what it was in May, according to data from Dune. That said, the monthly transaction volume in June was still significant, topping over $695 million. Additionally, data from CryptoSlam shows that CryptoPunk NFT sales jumped after Tiffany’s announcement on Sunday.
The CryptoPunk NFT collection is well known for selling at high prices. In February, one NFT from the collection sold for 8,000 ethers, about $23.7 million at the time, according to Business Insider.
Tiffany & Co. joins the growing list of luxury brands entering the NFT space. Prada, Gucci and Louis Vuitton are just a few high-end retailers who have invested in NFT initiatives over the past year.
