Are diamonds an NFT holder’s best friend? The answer might be yes for a few hundred CryptoPunks holders, and it could soon be the same for thousands of others.
Tiffany & Co., the well-known luxury jeweler and specialty retailer, made a lavish entrance into the NFT space this month, raking in more than $12.5 million from its first NFT collection that sold out less than 30 minutes after launch. Limited to a supply of 250, the exclusive collection is the fruit of a partnership between Tiffany and Chain, a blockchain software development company.
Tiffany first announced its unique NFT collection at the start of August. Dubbed NFTiff, each 30 ETH purchase gives buyers a Tiffany pendant of a CryptoPunk in their collection and a digital version that replicates the physical design.
The luxury brand said each custom, one-of-a-kind pendant would be made out of 18k rose or yellow gold with at least 30 gemstones. Jewelers will color-match the enamel and gemstones to mimic the Punk’s virtual hues. Anyone can buy an NFTiff, but only CryptoPunk holders have the ability to embark on the customized jewelry experience.
Tiffany noted renders of the pendants would be ready by October, with the physical jewelry heading to owners by mail in 2023. The unique foray into the NFT world is made possible through CryptoPunk owners “leveraging their IP rights” and does not directly involve CryptoPunks or the Larva Labs parent company.
Global Fashion Brands Continue Diving Into The NFT World
Unsurprisingly, the news stirred up a lot of opinions. Some expressed excitement that a luxury jewelry brand targeted wealthy buyers with an exclusive product. Others wondered about the timing amid Ether’s continued price slide and moves by NFT creators to lower asking prices.
On August 1st, CryptoPunk trade volume surged by 1,847% in a 24-hour period, seemingly tied to Tiffany’s announcement of its exclusive NFT collection.
Tiffany’s announcement adds the famed retailer to a growing list of fashion-based brands engaging with NFTs and Web3. Adidas teamed up with Bored Ape Yacht Club for an NFT project focused on digital garments, while Gucci has worked with the SuperRare marketplace on a few NFT collaborations so far.
Many wonder if Tiffany’s move into the NFT world represents a new frontier for jewelry collecting. A news release from the jeweler highlights how Vice President Alexander Arnault helped inspire the collaboration with Chain after posting his own customized Punk…
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