After forming a partnership with Tiffany & Co., one of the oldest NFT projects, CryptoPunks has seen a 24-hour sales volume growth of over 248 percent.
Tiffany & Co. Joins the NFT World
The previous day, the CryptoPunk collection reportedly sold 1,279 ETH, or approximately $2.16 million, according to CryptoSlam. Based on information from NFTPriceFloor, only 123 ETH worth around $200,000 were sold 24 hours ago.
In addition, the increase in sales is due to Tiffany & Co’s Sunday tweet announcing the creation of a different line of NFTs dubbed NFTiffs. The offering will consist of digital and physical necklaces designed to replicate the NFTs owned by CryptoPunk holders.
“We’re taking NFTs to the next level,” Tiffany wrote on Twitter on Sunday. “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.”
Following the color scheme of the NFT, the CryptoPunk pendants will be crafted from either 18k rose or yellow gold. Tiffany has dropped hints that the NFTiffs NFTs will launch on August 5 with a minimum price of 30 ETH per unit, roughly the same as $50,000.
The month of March saw Tiffany & Co. participate in the non-fungible token (NFT) business with the acquisition of an Okapi NFT from Tom Sachs. The NFT is now being used as the Twitter avatar for the company’s account.
Read more about how Tiffany & Co. turns CryptoPunks NFTs into $50K into pendants.
Legendary CryptoPunks NFT Projects
The software company Larva Labs developed CryptoPunks, a collection of 10,000 computer-generated photos tokenized as NFTs on the Ethereum blockchain. The endeavor served as the motivation for contemporary CryptoArt.
Once CryptoPunk’s trend unpredictably took off, prominent Silicon Valley CEOs, renowned venture capital firms, prominent YouTubers, experienced poker players, and significant business leaders jumped in. Furthermore, VISA’s 2021 purchase of a CryptoPunk for $150,000 in ETH indicated that institutional players had noticed their movement.
Many people still believe it to be just a passing internet craze. But in the metaverse, programs like BAYC and CryptoPunks are highly relevant. According to companies like Microsoft and Meta, these initiatives represent the avatars that we will use and own for virtual contact in the future.
