Tiffany & Co turns CryptoPunk NFTs into $50,000 custom pendants
Luxury jewelry brand Tiffany & Co has announced the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk nonfungible token (NFT) holders.
The handcrafted CryptoPunk pendants were announced by the jewelry brand on Sunday on Twitter, and are priced at 30 Ether (ETH), equivalent to $50,600 each at the time of writing.
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
According to an NFTiff FAQ page, the NFTiff token sale is set to start on August 5th at 14:00 UTC, and will only be available for purchase of NFTiff Tokens via the Website.
Each CryptoPunk is limited to a maximum of three NFTiff tokens which allow them to create a custom pendant. There are 87 different attributes and 159 colors that can be used to custom design the pendants, and the pendant itself will be composed of 18 carat rose or yellow gold, based on the color palette of the NFT.
Should all the limited edition pendants sell out, Tiffany & Co stands to earn 7,500 in ETH, currently $12.7 million at the time of writing.
The campaign was first promoted by Tiffany & Co. Vice President Alexandre Arnault, who owns CryptoPunk #3167 in April. In a tweet, Arnault revealed his new rose gold and enamel CryptoPunk, which was transformed with a new sapphire and Mozambique colored set of glasses and a round yellow diamond earring.
When punks go crazy at @TiffanyAndCo
#3167
Rose gold and enamel Cryptopunk.
Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.
LFG! pic.twitter.com/M2c8AmwU0R
— Alexandre Arnault (@alexarnault) 7 April 2022
The community reacts
The crypto community on Twitter seems largely excited about the new NFT offering from the luxury jewelry brand.
Twitter user markfidelman, head of marketing at SmartBlocks Agency, called the NFT project an “incredibly tasteful activation,” adding:
“More Web2 firms looking to dip their toes into Web3 need to learn from the quality of this $NFTiff offering and take notes.”
This is actually an excellent way to enter the NFT space. Very much “on brand”
Many people hate Tiffany’s and think they are overpriced (they are, you pay for the brand and the packaging).
But there is clearly a market for them – and this fits that market
— Zeneca_33 (,) (@Zeneca_33) 31 July 2022
The jewelery company first ventured into NFTs in March when they bought an Okapi NFT by contemporary artist Tom Sachs for $380,000. Tiffany & Co has since set the rocket-styled NFT as its profile picture on Twitter.
On April Fool’s Day, April 1, Tiffany & Co also has produced TiffCoins, a limited edition of 400 18-carat gold coins with the company logo individually engraved on each coin.
Related: Gucci the latest luxury brand to accept crypto payments in store
Luxury brands are no strangers to the crypto space, and many are beginning to accept crypto as payment, such as Gucci, Balenciaga and Farfetch.
Last April, Louis Vuitton, Cartier and Prada teamed up to launch Aura, a consortium blockchain that will use NFTs to allow high-end shoppers to authenticate goods, track products and materials, and also fight counterfeiting.
