Tiffany & Co to launch NFT line worth US$50,000

Jewellery brand Tiffany & Co has stepped into the Web3 realm with the launch of its first-ever NFT line, NFTiff.  

These NFTs are customised CryptoPunk pendants worth US$50,000 each, which has been dubbed possibly the most expensive public sale of NFTs in history.

Since the news, the trading volume of CryptoPunks surged by 1847 percent and over 24 hours US$1,226.68 Ether worth of Punks were sold during that time. 

NFTiff is a collection of 250 digital passes, offered by the Jewellery brand which can be minted when purchased and redeemed by CryptoPunk holders.

They can be bought from the specific Tiffany & Co site for 30 Ether which equates to just under US$50,000 each.

These holders can get a custom-designed pendant and NFT digital artwork that resembles the final jewellery design.

Tiffany & Co follows in the path of other luxury brands such as Gucci, Louis Vuitton and Cartier to launch bespoke NFTs.

The pendant will be designed and crafted by Tiffany & Co. and inspired by the Cryptopunk owner’s Punk NFT. Only 250 NFTiff passes will be available for purchase. Each customer may purchase a max of 3 NFTiffs.

We’re taking NFTs to the next level. 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. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4

— Tiffany & Co. (@TiffanyAndCo) July 31, 2022

“Tiffany & Co. designers will interpret each CryptoPunk into custom-designed pendants – converting the 87 attributes and 159 colours that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel colour,” Tiffany & Co said.

Depending on which CryptoPunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create custom designs with the highest fidelity to the original NFT art.

Examples of gemstones include but are not limited to Sapphires, Amethyst, and Spinel.

By October, clients will receive a render of their piece. According to Tiffany & Co, buyers will have no say in the design process of the pendant.

Reactions on Twitter of the pendants range have been mixed with some users predicting this will be a sold out release to others scoffing at the expensive price tag.

The sale will begin on Friday August 5 10am PST.