Tiffany & Co Announces NFT CryptoPunk Pendants—at $51,000 Each

August 02, 2022

By Sharan Kaur Phillora

On Sunday, July 31, Tiffany & Co announced that it will be launching its NFT — “NFTiff,” exclusively available to CryptoPunk owners. The jeweller hinted at its upcoming sale, set to begin August 5, by tweeting out a video of a pixelated grid revealing: NFTiff.

Here’s what we know:

The collection is made up of a limited supply of 250 digital assets that grant holders access to a one-of-one example of their Punk in the form of a bespoke pendant. Launching on August 5, the pendants will be priced at 30 Ethereum or $51,000.

Each of the 250 pendants is said to be made with no less than 30 gemstones or diamonds, including but not limited to Sapphires, Amethyst, and Spinel. All pendants will be made with an 18k rose or yellow gold base that will be engraved with the unique Punk serial number and Tiffany logo on the backside. Lastly, collectors will receive an accompanying NFT render of their pendant.

The NFTiff initiative is led by Alexandre Arnault, Tiffany’s recently appointed executive vice president of product and communications and former president of Rimowa.

One aspect of the release that has caught the interest of the community is the fact that CryptoPunks and its parent company Larva Labs are not directly involved with the release — instead, it is made possible by individual Punk owners leveraging their intellectual property (IP) rights.

While the response of the general public seemed to be that 30 ETH was far too high of a price, the product is only going to be made available for a very small percentage of the already exclusive 10,000 CryptoPunk holders — an NFT that currently has a floor price of over $100,000 USD.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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