With a line of limited edition Ethereum-based tokens and matching jewelry with a CryptoPunks theme, Tiffany & Co. has become the most recent major brand to enter the NFT market. The 250 pieces, which cost 30 ETH each, were sold out in just 20 minutes and brought in more than $12.5 million.
Key Highlights:
- Over $12.5 million was raised by Tiffany & Co. today through their inaugural NFT collection.
- The 250 CryptoPunks-inspired NFTs, offered for 30 ETH apiece, were all sold out in just 20 minutes.
- Tiffany & Co. is only the most recent in a long line of upscale companies to express interest in cryptocurrencies and NFTs.
What happened previously?
A few days back, Tiffany & Co. announced the creation of an NFT mint named “Nftiff,” a brand-new product that blends luxury jewelry and non-fungible token technology. Tiffany’s had its sale, and all 250 NFT items were sold out, according to a tweet the business sent out on August 5.
About CryptoPunks
CryptoPunks, introduced in 2017, consisted of 10,000 unique 8-bit-style produced characters kept on the Ethereum blockchain. In an interview with CNN, Noah Davis, the new brand lead of CryptoPunks, said, “the collection is “essentially the cave paintings of Web3 art.” “We’re talking about the earliest successful, and enduringly so, community-based NFT project.”
About Tiffany & Co.
Tiffany & Co is an American premium jewelry store. Their main office is located on New York City’s Fifth Avenue. They were established as Tiffany, Young, and Ellis in 1837. Since then, they have gained an honour as one of the world’s finest and most expensive jewelers.
The Tiffany & Co. NFT move reveals a new, avant-garde aspect of the business that we may not have seen much of before, given their emphasis on conventional jewels.
