Jewelry giant Tiffany & Co will sell CryptoPunk NFT pendants for Ethereum
Members of the crypto community and proponents of Ethereum (ETH) have provided Tiffany & Co mixed reaction after the luxury jeweler unveiled a range of CryptoPunks NFTs-themed gold and gemstone-encrusted pendants.
In a post on its website, the firm said it planned to create what it calls NFTiffs, describing the products as “a collection of 250 digital passports” that can be “stamped when purchased and redeemed by CryptoPunks holders to create a custom” designed pendant and an NFT digital artwork that resembles the final jewelry design.”
The company added that its pendants would be “designed and crafted by Tiffany artisans” but would be “inspired by” CryptoPunk owners’ own punk NFT.
In typical NFT and Tiffany style, scarcity seems to be the main selling point. The company explained that “only 250 NFTiff passes” would be made available “exclusively to CryptoPunk holders.” No customer is allowed to purchase more than three NFTiffs. Buyers must purchase their NFTs on the Ethereum blockchain. These tokens will then be redeemable for physical pendants.
The firm will ask for ETH 30 (USD 50,700) for each pendant, and aims to start selling the items on August 5. Tiffany’s stands to make around US$12 million from the sale if they exchange all 250 NFTs. But can also make money at a later stage in the resale market – as sales on the secondary market will also give the company royalties.
Tiffany added that the designers would “interpret each CryptoPunk” into a custom-designed pendant, “converting the 87 attributes and 159 colors displayed across the collection of 10,000 CryptoPunk NFTs into the most similar gemstone or enamel color.”
Buyers will have until August 12 to redeem their NFTs – with real-world “renditions” ready by October.
The jewelry company has partnered with the Web3 and blockchain cloud infrastructure provider Chain for his move – like Kevin Rose, the founder of Moonbirdscalled “fat”.
Rose wroteon Twitter:
“Even if it’s out of your price range, it’s a big win for NFTs. This is one of the best luxury/jewelry brands in the world. It’s a big deal and brings new interest on both sides of the fence.”
But not everyone shared his optimism: @0xAllen_ thought that crypto users “don’t need Tiffany’s to perpetuate” their CryptoPunk NFTs as “that’s what Ethereum is for.”
He added:
“I don’t see any added value in bendable jewelry they do over, like wearing an avatar on my smartwatch. [It is] much safer too.”
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