Tiffany & Co. NFT Drop Raises $12.5M After Instant Sale
Important takeaways
- Tiffany & Co. raised more than $12.5 million on its first NFT collection today.
- Priced at 30 ETH each, the collection of 250 CryptoPunks-inspired NFTs sold out in around 20 minutes.
- Tiffany & Co. is just the latest in a growing list of luxury brands showing interest in crypto and NFTs.
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Tiffany & Co. has become the latest major brand to jump into the NFT world with a collection of limited-edition Ethereum-based tokens and corresponding CryptoPunks-themed jewelry. Priced at 30 ETH, the 250 pieces sold out in about 20 minutes, bringing in more than $12.5 million.
Tiffany & Co. dropping first NFTs
Tiffany’s has made a lavish entrance into the NFT space.
We are sold out of all 250 NFTiffs. To the next mint. #NFTiff #TiffanyAndCo
—Tiffany & Co. (@TiffanyAndCo) 5 August 2022
The world-renowned luxury jeweler launched its first NFT collection today, a series of 250 CryptoPunks-inspired digital passports called “NFTiffs”. The NFTs were priced at 30 ETH, around $50,000 at today’s prices. The collection sold out in about 20 minutes, bringing in over $12.5 million. Tiffany & Co. launched the collection on the Ethereum blockchain via the Chain Protocol.
NFTiffs are digital passports that CryptoPunk NFT holders can redeem for a piece of digital art based on their original Punk. Each piece of digital art will be accompanied by luxurious pendants in the same design. The pendants will be luxury items in themselves, made of gold and precious stones carefully selected to match each of the CryptoPunks’ various characteristics. They are expected to ship in early 2023.
While anyone (except those on an approved list) can purchase an NFTiff, only CryptoPunk holders are eligible to redeem them for digital art based on their punk and a matching fine jewelry pendant. To do so, redeeming wallets must contain an NFTiff and a CryptoPunk to model the new artwork. NFTiffs must be redeemed by August 12th.
Despite cooling conditions in the crypto market, the NFT sector has shown some resilience over the past year, with several established brands taking action to establish a foothold in the space. Tiffany & Co. is just one of many luxury brands that have jumped into Web3 in recent months, with notable others including Gucci and Louis Vuitton.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
