Of course, this is definitely not the first time a luxury brand is dipping their toes in the NFT waters. Gucci, Dior and others have started playing with the NFT phenomenon, also this is not the first time Tiffany & Co are entering the NFT space either, they have purchased Okapi NFTs from Tom Sachs but what is different about it this time?
On the 31st of July, Tiffany & Co announced through their twitter account that they would in collaboration with crypto startup Chain will be releasing a new limited edition NFT collection which they call NFTiff. This collection will consist of a total of 250 NFTiffs which will exclusively be available to CryptoPunks holders.
But what is an NFTiff?
An NFTiff is a digital CrptoPunk NFT that’s rendered into a physical bespoke pendant made of diamonds and other precious stones.
Alexandre Arnault, the Executive Vice President of Product and Communications of Tiffany & Co started the move by turning his very own CryptoPunk #3167 into a pendant with the features of rose gold, enamel, sapphire and Mozambique baguette ruby glasses alongside a round yellow diamond earring.
It should be noted that only a maximum of 3 NFTiffs can be owned by each CryptoPunk. The verification of ownership of the CryptoPunk NFT will be made via its existence in the wallet of the NFT holder and this wallet has to be the same wallet that the holder will have the NFTiff minted into.
The pendant itself will based on the NFT’s color palette be composed 30 stones. It’s size, approximately 30mm x 20-30mm.
As said earlier, there will be only 250 NFTiffs available in supply and the price of each NFTiff has been set to 30ETH which is approximately $50,000. The cost of 30ETH covers the custom, physical NFT pendant, the delivery and also the shipping.
They will be available for sale on August 5, 2022, and will end on the 12th of August 2022 as noted on the Frequently Asked Questions page of the company’s NFT microsite. Although the delivery of the physical pendant is expected to be in early 2023.
If all the limited edition pendants get sold out, according to a report by CoinTelegraph, Tiffany & Co can potentially cash out on 7,500ETH which will at the moment be edging close to $12.7 million.
The commercialization of specific CryptoPunks just became legal from March after Larva Labs sold the CryptoPunk NFT franchise to the owners of Bored Ape Yacht Club, Yuga Labs.
Yuga Labs stipulated that the individual NFT holders now hold the IP, commercial, and exclusive licensing rights to their particular CryptoPunk NFT.
The 30ETH price tag was a bone of contention in the NFT Twitter space.
While one user said
“I have no beef with Tiffany selling 250 CryptoPunk pendants/NFTs for 30ETH. I won’t be buying one, but it’s a luxury brand and anybody spending that amount of money knows what they’re getting. People love to flex and you can’t put a price on that.”
another said in displeasure
“Hot Take: I don’t need Tiffany’s to immortalize my CryptoPunk. That’s what Ethereum is for. I don’t find any additional value in flexing jewelry they make over say wearing an avatar on my smartwatch. Much more secure as well.”
It is interesting to see Tiffany & Co bring up this initiative after their April Fool’s joke about launching their own cryptocurrency which they called “the TiffCoin” turned out to be real, however it was a real limited-edition gold coin which had 499 maximum supply and each had a price of $9,999.