Tiffany & Co. Reveals NFTs For CryptoPunk Holders—At $50K Each!

Tiffany & Co. CryptoPunk NFT pendant

Yesterday, July 31, luxury jewelry brand, Tiffany & Co. announced its first NFT collection—NFTiff, targeting CryptoPunk holders. Essentially, the NFTs will allow holders to claim a diamond and gemstone encrusted pendant. Priced at a whopping 30 ETH each (about $50,000 at the time of writing), there is a total of 250 NFTs in the collection. Let’s take a closer look at what the Tiffany & Co. NFT collection is all about.

Tiffany & Co. CryptoPunk NFT pendant

Tiffany & Co. has forayed into the NFT space with its first collection! Credit: Tiffany & Co.

NFTiff: What is the Tiffany & Co. NFT collection?

“We’re taking NFTs to the next level,” Tiffany & Co. tweeted yesterday. “Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant.” 

According to its website, NFTiffs feature a collection of 250 digital passes from Tiffany & Co. After minting, CryptoPunk holders can redeem the pass for a custom-designed pendant as well as an NFT digital artwork resembling the jewelry design. Designed and crafted by Tiffany & Co. artisans, the pendant will take inspiration from the holder’s CryptoPunk.

The pendant will be made in 18k rose or yellow gold, with at least 30 stones, including gemstones and/or diamonds. Actually, the brand will convert 87 attributes and 159 colors on the Punks to the most similar gemstone or enamel color.

Where can you buy the Tiffany & Co. NFTs?

Anyone who holds a CryptoPunk and is above 18 years of age is eligible to mint a maximum of three NFTiffs. The sale will start at 10:00 AM EST on August 5, with each NFT costing 30 ETH. Users can mint the NFT on the NFTiff website. 

Once minted, collectors will have until 9:00 PM EST on August 12, 2022, to redeem their NFTiff. For this too, they will have to go to the official website and follow the instructions.

Tweet about NFTiff, Tiffany & Co. NFT

NFT Twitter was flooded with mixed reactions!

NFT Twitter reactions 

The NFT announcement from Tiffany & Co. received mixed reactions from the NFT Twitter community. Popular NFT influencer, Zeneca was one of those who praised the initiative.

“This is actually a really excellent way to enter the NFT space. Very much “on brand”,” Zeneca tweeted. “Lots of people hate Tiffany’s and think they’re overpriced…But there’s clearly a market for them — and this suits that market.”   

Meanwhile, Moonbirds founder, Kevin Rose wrote, “This is a bold move for @TiffanyAndCo, and even if it’s outside of your price range, it’s a huge win for NFTs. This is one of the top luxury/jewelry brands in the world…it’s a big deal and brings in new interest on both sides of the fence.”

On the other hand, Satvik Sethi called the move a “corporate cash grab”. They added, “If Tiffany & Co. wanted to use NFTs/Blockchain, they could’ve integrated the technology in their supply chain to authenticate products, they could sell NFT gated physical experiences for physical buyers…”

To be sure, Tiffany & Co. first experimented with Punk-inspired jewelry in April. At the time, the brand’s vice president, Alexandre Arnault flaunted a rose gold and enamel pendant based on his CryptoPunk #3167.

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