Luxury jewelry brand Tiffany & Co has announced the sale of 250 diamond and gemstone-encrusted pendants for CryptoPunk non-fungible token (NFT) holders.
The handmade CryptoPunk pendants were announced by the jewelry brand on Twitter on July 31 and cost 30 ETH, which is equivalent to $50,600 at the time of writing.
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a custom pendant, handcrafted by artisans at Tiffany & Co. You will also receive an additional NFT version of the pendant. More information: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
According to an NFTiffs FAQ page, the NFTiff token sale will kick off on August 5 at 9:00 AM (CST) and will only be available for purchase of NFTiff tokens through the website.
Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to create a custom pendant. There are 87 different attributes and 159 colors that can be used to custom design the pendants, and the pendant itself will be composed of 18K rose or yellow gold (based on the NFT color palette).
Should all of the limited-edition pendants sell out, Tiffany & Co stands at a profit of 7,500 in ETH (currently $12.7 million).
The campaign was first promoted by Tiffany & Co Vice President Alexandre Arnault, who owns CryptoPunk #3167 in April. In a tweetArnault unveiled his new rose gold and enamel CryptoPunk, which was transformed with new sapphire and Mozambique colored glasses and a yellow diamond round earring.
When punks go crazy at @TiffanyAndCo
Rose Gold and Enamel Cryptopunk.
Sapphire and Mozambique Baguette Ruby Glasses, Yellow Diamond Round Earring.
— Alexandre Arnault (@alexarnault) Apr 7, 2022
The crypto community on Twitter seems largely excited about the luxury jewelry brand’s new NFT offering.
Twitter user markfidelman, CMO of SmartBlocks Agency, called the NFT project an “incredibly tasteful activation,” adding:
“More Web2 companies looking to dip their toes into Web3 should learn from the quality of this $NFTiff offering and take notes.”
This is actually an excellent way to enter the NFT space. A lot of “by brand”
A lot of people hate Tiffany’s and think they are overpriced (actually they are, you pay for the brand and packaging).
But there is clearly a market for it – and this fits that market
— Zeneca_33 (,) (@Zeneca_33) July 31, 2022
The jewelry company first ventured into NFTs in March, when they launched a okapic NFT from contemporary artist Tom Sachs for $380,000. Tiffany & Co have since set rocket-style NFT as their profile picture on Twitter.
On April 1 (April 1), Tiffany & Co also produced “TiffCoins”, a limited edition of 400 18 carat gold coins with the company logo individually engraved on each coin.
Related: Gucci the latest luxury brand to accept in-store crypto payments
Luxury brands are no strangers to the crypto world, and many are beginning to accept crypto as a means of payment, such as Gucci, Balenciaga and FARFETCH.
Last April, Louis Vuitton (LVMH), Cartier and Prada joined forces to launch Aura, a consortium blockchain that will use NFTs to allow high-end shoppers to authenticate goods, track products and materials, and also fight counterfeiting.