Tiffany & Co., one of the world’s most prominent jewelers, is launching a series of NFTs on Friday, August 5. The NFTs will be called NFTiff.
Jewelry icon Tiffany & Co. is again voyaging into the world of NFTs via NFTiff, its latest NFT collection launching on August 5, Friday. The new series will be exclusive to holders of CryptoPunks NFTs and will consist of 250 NFTs priced at Ξ 30 each, or about $50,870 at current prices.
Most NFTs sell for exorbitant prices at auctions or secondary marketplaces like OpenSea, but never at public sales. Even the Bored Ape Yacht Club, touted as the most famous NFT collection, launched at Ξ 0.08, or about $200 at the time. Most other creators launch their collections under Ξ .1. Hence, the NFTiffs may be the most expensive public sale of any NFT ever.
The jeweler teased the upcoming sale via its official Twitter account, tweeting a video of a pixelated grid that later spelled NFTiff.
Influential NFT trader, Cozomo de’ Medici, shared an image implying that NFTiffs would be a series of digital and physical pendants made for CryptoPunks holders (as seen in the picture above). The pendants would be in the image of the CryptoPunks NFTs they own.
A Closer Look at NFTiffs
As mentioned, the NFTiffs represent 250 digital passes from Tiffany & Co. that CryptoPunks holders may mint. When these holders purchase NFTiffs, they can redeem those for bespoke pendants that come with corresponding NFT digital artworks that resemble the final jewelry design.
Only 250 NFTiff passes will be available, but existing CryptoPunks holders may purchase a maximum of three NFTiffs each. Tiffany & Co. artisans will design and craft the pendants based on a holder’s CryptoPunk NFT.
According to Tiffany & Co.’s NFTiff website FAQ, the pendant size will vary based on the actual NFT artwork. Still, the pendant’s length will be approximately 30mm, while its width will be about 20-30mm.
Although the NFTiffs are the first NFT product directly offered by Tiffany & Co., this is not the esteemed jeweler’s first foray into the NFT space. Back in March, the company purchased an Okapi NFT from Tom Sachs.
It is speculated that the luxury goods retailer paid a hefty $380,000 for the NFT. Since then, the company has used it as its Twitter profile picture.
The following month, the company released TiffCoins, a series of limited-edition gold coins. The solid gold coins, released on April Fools’ Day, were individually engraved. Only 499 TiffCoins were produced.
“No, we’re not launching our own cryptocurrency,” Tiffany & Co. stated on its website regarding TiffCoins. “But these very real limited-release 18k gold coins are a modern version of our Tiffany Money and celebration of our history.”
That same month, Tiffany & Co. created a pendant for its executive vice president of products and communications, Alexandre Arnault. The pendant was crafted in the likeness of CryptoPunk #3167, which Arnault owns. It was rose gold and enamel CryptoPunk with sapphire and Mozambique baguette ruby glasses and a yellow diamond round earring.
NFTiffs Powered by Chain
According to the website Tiffany & Co. dedicated to NFTiffs, the NFTs will be managed by Chain, a blockchain-based technology company founded in 2014. The company has raised over $40 million in funding from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa.
Chain is described as a tech company “on a mission to enable a smarter and more connected economy.” The company’s website says, “We help leading brands launch their own customized and tailored NFT product that can be a digital and/or physical collectible powered by smart contracts and blockchain technology.”
All 250 NFTiffs will drop on August 5, 2022, Friday, exclusive to CryptoPunks NFT holders for Ξ 30 each.
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