Tiffany & Co Announces NFT CryptoPunk Pendant
On Sunday, July 31, Tiffany & Co. announced that it will launch its NFT – “NFTiff”, exclusively available to CryptoPunk owners. The collection consists of 250 digital assets that give holders access to a one-of-a-kind example of their punk in the form of a custom pendant. At launch on August 5, the pendants will be priced at 30 Ethereum or $51,000 USD.
We take NFTs to the next level. Exclusively for CryptoPunks holders, NFTiff transforms your NFT into a custom pendant handcrafted by Tiffany & Co. artisans. You will also receive an additional NFT version of the pendant. Learn more: #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
—Tiffany & Co. (@TiffanyAndCo) 31 July 2022
The NFTiff initiative is led by Alexandre Arnault, Tiffany’s recently appointed executive vice president of product and communications and former president of Rimowa. Just one year after his appointment, the 29-year-old executive brought together collaborators and collaborators such as Beyoncé, Jay-Z, Hailey Bieber and Supreme to the 185-year-old American jewelry company.
The process and the first examples of the Tiffany Punk pendants began in early April. Since then, another physical example surfaced on Twitter from Deepak ThapliyalCEO of blockchain infrastructure company Chain, which powers the launch of NFTiff.
1/3 @TiffanyAndCo Cryptopunk production by. pic.twitter.com/yWXkslAEpG
— Alexandre Arnault (@alexarnault) 8 April 2022
30 ETH ⛓? pic.twitter.com/WHKb25quex
— Deepak.eth ⛓ (@dt_chain) 31 July 2022
One aspect of the release that has captured the interest of the community is the fact that CryptoPunks and its parent company Larva Labs are not directly involved in the release – instead, it is enabled by individual Punk owners leveraging their intellectual property rights (IP).
According to information reported to be found in the minting contract, it appears that 50 of the 250 supply of NFTiffs will be reserved for a permission list, while the other 200 will be made available in another form, such as a public coin for Punk holders. All interested parties will be required to provide some form of identity verification through KYC and are limited to a purchase amount of three NFTs.
Each of the 250 pendants is said to be crafted with no less than 30 precious stones or diamonds, including but not limited to sapphires, amethyst and spinel. All pendants will be crafted with an 18k rose or yellow gold base that will be engraved with the unique Punk serial number and Tiffany logo on the back. Finally, collectors will receive an accompanying NFT reproduction of their pendant.
While the response from the general public seemed to be that 30 ETH was far too high a price, the product is only going to be made available to a very small percentage of the already exclusive 10,000 CryptoPunk holders – an NFT that currently has a floor price of over $100,000 USD.
Although it’s primarily a collectible, the wording at the end of Tiffany’s FAQ page refers to the NFTiff as a “passport,” meaning that the digital asset could eventually grant privileged access to future offerings.
In other news, MetaMask appears to reduce NFT fraud with updated “set approval for all” feature.
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