On July 31, Tiffany & Co. announced that its NFT, “NFTiff,” will be accessible only to owners of CryptoPunk. The collection consists of 250 digital items that provide owners access to a custom pendant that serves as a one-of-one representation of their punk style. The pendants will go on sale on August 5 for 30 Ethereum, which equals $51,000 USD.
NFTiffs Frequently Asked Questions page states that the NFTiff token sale will begin on August 5 at 9 am (CST) and that it will only be possible to buy NFTiff tokens through the company’s website.
Each CryptoPunk is only authorized to mint a single necklace using a maximum of three NFTiff tokens. The pendants may be ordered using 159 colors and 87 distinct characteristics, with the pendant itself being made of 18-karat rose or yellow gold (based on the color palette of the NFT).
The launch results from a partnership with the cryptocurrency startup Chain, which handles the launch’s back end. Deepak Thapliyal, CEO of Chain, initially hinted at the collaboration in a tweet last week.
NFT Twitter users responded to the news in various ways, with some criticizing the pendant’s excessive price. However, others commended the partnership as a positive move for the collection’s image.
The jewelry firm made its first foray into NFTs in March when it paid $380,000 for an Okapi NFT created by modern artist Tom Sachs. Tiffany & Co have subsequently placed the rocket-styled NFT as their profile photo on Twitter.
Luxury companies have a long history in the crypto industry, and several have started to accept cryptocurrency as payment, including Gucci, Balenciaga, and FARFETCH.
