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Tiffany Will Sell CryptoPunk NFT Pendants For Ethereum

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After the luxury jeweler Tiffany & Co. revealed a selection of CryptoPunk NFTs-themed gold and gem-encrusted pendants, members of the cryptocurrency community and supporters of Ethereum (ETH) gave the company a range of reactions, some positive and others negative.

The company announced its intention to produce something it refers to as NFTiffs in a post published on its website. The company defined the product as “a collection of 250 digital passes” that can be “minted when purchased and redeemed by CryptoPunks holders for the creation of a custom designed pendant and an NFT digital artwork that resembles the final jewelry design.”
The company also stated that its pendants will be “conceived and produced by Tiffany artisans,” but that they would be “influenced by” the proprietors of CryptoPunk’s very own punk NFT.

It seems that the primary selling factor for NFT and Tiffany products is their limited availability.

According to the information provided by the company, “only 250 NFTiff passes” will be made available “exclusively to CryptoPunk holders.” There is a limit of three NFTiffs that any client can purchase. On the Ethereum blockchain is where purchasers will have to make their NFT purchases. After that, these tokens may be exchanged for actual pendants of some kind.

The company plans to begin selling the pendants in retail locations on August 5 and will be asking for ETH 30 (about USD 50,700) for each one. If all 250 NFTs are sold, Tiffany’s may potentially earn over USD 12 million in revenue. However, there is also the possibility of making profits at a later period in the resale market, as the company will receive royalties from any sales made in the secondary market.

Tiffany also stated that its designers would “interpret each CryptoPunk” into a custom-designed pendant by “converting the 87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color.” This would be done in order to ensure that each pendant was unique.

The deadline for purchasers to redeem their NFTs has been extended to August 12, and “renderings” of the real-world product will be ready in October.

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In order to carry out this “radical” move, the jewelry company has formed partnerships with the blockchain cloud infrastructure provider Chain and the web3 consortium. Moonbirds founder Kevin Rose referred to the action as “bold.”
Rose
from Twitter:

“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.”

However, not everyone shared his upbeat outlook: According to the opinion of @0xAllen_, users of cryptocurrencies “don’t need Tiffany’s to immortalize” their CryptoPunk NFTs because “that’s what Ethereum is for.”

He added:

“I don’t find any additional value in flexing jewelry they make over, say, wearing an avatar on my smartwatch.  [it is] far more secure as well.”
Despite the opinions, a new article of fashion has been created through an NFT platform. This is just the beginning.

Read More About NFTs Here

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