Tiffany sells NFT pendants for $50,000 each
RAPAPORT… Tiffany & Co. has launched a non-fungible token (NFT) that comes with a real piece of jewelry, targeting an exclusive group of digital collectors.
“NFTiffs” will be available exclusively to owners of CryptoPunks, a set of valuable NFTs made up of randomly generated pixelated portraits, Tiffany said Sunday in a Twitter posts.
The retailer will offer 250 digital passports priced at 30 Ether (around $50,000) each, with a limit of three per buyer. CryptoPunk holders will be able to redeem them for a custom pendant that Tiffany will design using the owners’ CryptoPunk NFTs as inspiration, according to a special website the jeweler created. Buyers will also receive a digital artwork depicting the physical product.
The pre-sale opens on Wednesday morning, when 100 NFTiffs become available. The rest will go on sale from 5 to 12 August.
“We’re taking NFTs to the next level,” the LVMH-owned jeweler tweeted.
New York-based software company Larva Labs launched the CryptoPunk NFTs in 2017. Available on the Ethereum blockchain platform, they have sold for dazzling prices, the most expensive being #5822, an alien in a bandana, which reportedly fetched 8,000 Ether (23.7 million dollars) ) in February. (The value of Ethereum has declined since then.)
Although they are simple images, their rarity is generally recognized as the reason for their value. Dylan Field, CEO of design tool Figma, once described CryptoPunk #7804 — a pipe-smoking, hat-wearing alien — as a “digital Mona Lisa.”
The connection with Tiffany began earlier this year, when Alexandre Arnault, the jeweller’s executive vice president for product and communications, shared a custom impression of a CryptoPunk pendant – made by Tiffany craftsmen – on social media.
A similar thing will happen with the actual NFTiffs: Tiffany designers will interpret each CryptoPunk into custom-designed pendants with the most appropriate gemstone or enamel. Each piece will have at least 30 stones, which may include natural diamonds and colored gemstones. The carat weight will vary depending on the specific design. Most stones will be round pavé diamonds or gemstones; some pieces will feature fancy stone shapes. For example, Tiffany designers will create 3D glasses using baguette-shaped stones. Customers cannot customize the designs.
In total, buyers will receive three physical items: the pendant on a chain, a certificate of authenticity and the famous Tiffany packaging.
Back in April, Arnault conducted a poll on Twitter asking if the company should release its own line of CryptoPunk jewelry. More than 80% said “yes”.
“Looks like we listened to the community,” the manager tweeted on Monday.
Image: A pendant showing CryptoPunk #5822. (Tiffany & Co.)
