Tiffany & Co. has disclosed the sale of 250 diamond and gem-encrusted pendants to holders of CryptoPunk non-fungible tokens (NFT). Besides, the handmade CryptoPunk pendants are priced at 30 ETH, or approximately $50,600, as announced by the jewelry firm on Twitter on July 31.
According to the NFTiffs FAQ page, the NFTiff token sale will begin on August 5 at 9:00 a.m. (CST), and NFTiff tokens will only be available for purchase on its website. Each CryptoPunk has a cap of three NFTiff tokens, which they can use to mint a personalized pendant. Nevertheless, there are 87 different qualities and 159 colors that can be used to customize the pendants. It will be made of 18-karat rose or yellow gold (based on the color palette of the NFT).
Moreover, Tiffany & Co stands to earn 7,500 ETH (now $12.7 million) if all limited edition pendants are sold. In April, Tiffany & Co vice president Alexandre Arnault, who owns CryptoPunk #3167, was the first to promote the campaign. In a tweet, Arnault presented his new rose gold and acrylic CryptoPunk. It featured a new sapphire and Mozambique-colored pair of glasses and a yellow diamond circular earring.
Related: The UK Law Commission’s property rules will include crypto and NFTs
Community reaction to Tiffany & Co.
Consequently, the cryptocurrency space on Twitter appears to be overwhelmingly enthusiastic about the premium jewelry brand’s new NFT offering. Twitter user markfidelman, chief marketing officer of SmartBlocks Agency, described the NFT project as a “very nice activation” and added:
“More Web2 companies attempting to transition to Web3 should study the quality of this $NFTiff offering and take notes.”
In March, the jewelry company made its first venture into NFTs by purchasing an Okapi NFT from modern artist Tom Sachs for $380,000. Since then, Tiffany & Co. has placed the rocket-shaped NFT as its Twitter profile picture.
In addition, on April Fools’ Day (April 1), Tiffany & Co. also released 400 18-karat gold coins with the company’s name individually etched on each coin.
Related: Twisted Tea releases NFTs to put people’s faces on 100 million cans
Many luxury brands, like Gucci, Balenciaga, and FARFETCH, are beginning to accept cryptocurrencies as a form of payment.
Louis Vuitton (LVMH), Cartier, and Prada partnered in April 2017 to establish Aura. Aura is a consortium blockchain that will employ NFTs to enable high-end consumers to authenticate products. Furthermore, it also traces products and materials and combat counterfeits.