Yesterday, July 31, luxury jewelry brand, Tiffany & Co. announced its first NFT collection–NFTiff, targeting CryptoPunk holders. The NFTs allow holders to obtain a pendant with a gemstone and diamond encrusted. 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 view at the Tiffany & Co. NFT Collection.
NFTiff: What is the Tiffany & Co. NFT collection?
“We’re taking NFTs to the next level,” Tiffany & Co. tweeted yesterday. NFTiff converts your CryptoPunks NFT into a custom-made pendant 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. The pendant was designed and crafted by Tiffany & Co. craftsmen. It will be inspired by 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. The NFTiff website allows users to mint their NFT.
Once minted, collectors will have until 9: 00 PM EST on August 12, 2022, to redeem their NFTiff. To redeem their NFTIFF, collectors will need to visit the official website and follow these instructions.
NFT Twitter reactions
The NFT announcement from Tiffany & Co. received mixed reactions from the NFT Twitter community. Zeneca, a popular NFT influencer, was one of the people who praised this initiative.
“This is actually a really excellent way to enter the NFT space. Zeneca tweeted that it was very much “on brand”. “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.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
Reethu Ravi is a journalist based in India, covering environment, sustainability, tech and innovation. She can often be found catching up with the latest developments in tech when she is not reading a book. She is a journalist and naval architect who loves to bring stories of innovation and change to the forefront.