Luxury jewelry and specialty goods retailer Tiffany & Co. announced that the firm plans to sell 250 passes for non-fungible tokens called “Nftiff”. Essentially, Cryptopunk holders will be able to acquire one of 250 Nftiffs for 30 ether or roughly $50K using today’s ethereum exchange rates.
Tiffany & Co. reveals limited edition cryptopunk gem pendants backed by 250 irreplaceable tokens
30 ETH was trending on Twitter on Sunday afternoon after luxury jewelry firm Tiffany & Co. (NYSE: TIF) announced, “The future is here and it’s called Nftiff.” Essentially, Nftiff is a new Tiffany 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 that the merchandise is a collection of 250 digital passes.
However, Tiffany Nftiffs can only be purchased by Cryptopunks NFT holders and the customer is limited to purchasing three Nftiffs. Buyers will receive a pendant with a custom design and NFTs that resemble the jewelry. Each Tiffany Nftiff will sell for 30 ethereum (ETH) on August 5, 2022, at 10:00 AM (EST), and at the time of writing, 30 ETH is approximately $50,481. Buyers will receive the NFT, the pendant, and shipping , after paying for a Tiffany-branded NFT.
“The designers of Tiffany & Co. will interpret each Cryptopunk into specially designed pendants – converting the 87 attributes and 159 colors that appear in the collection of 10,000 Cryptopunk NFTs into 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 gems and/or diamonds to create custom designs with the greatest fidelity to the original NFT art. Examples of gemstones include but are not limited to sapphires, amethysts, and spinels.
Tiffany Announces Digital Collectibles and the 30 Ether Price of NFT Spark Conversations on Social Media
Tiffany’s nftiffs were a trending conversation on Twitter and many people commented on how expensive they were. “Tiffany’s releasing 250 NFTs for 30 ETH each = $11 million. In this market,” one person wrote. “My desire to start a Web3 strategy consulting firm is growing every day,” the person added. One person who said he put blue chip NFTs on jewelry before Tiffany’s came up with the idea tweeted about Tiffany’s upcoming NFT launch. Nftjeweler.eth said:
When I put Cryptopunks on Jewelry, everyone made fun of me. Now [Tiffany’s] is about to release 250 punk chains and sell them for 30 ETH each.
Tiffany’s says people should be sure to interact with the official contract for Nftiffs, and the firm emphasizes that nft.tiffany.com is the only site that will sell Tiffany’s Nftiffs. Tiffany’s has partnered with cloud infrastructure company Web3 and blockchain company Chain, and nft.tiffany.com simply features a countdown clock and a link to its FAQ page.
What do you think of Tiffany & Co.’s upcoming Nftiffs? Let us know what you think about this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial Credit: Claudio Stocco / Shutterstock.com, Nftjeweler.eth via Twitter, Tiffany & Co.
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