Tiffany introduces the CryptoPunk NFT pendant
An NFT, or a non-fungible token, is a financial security consisting of digital data stored on a blockchain.
Tiffany’s NFT, called NFTiff, will be powered by blockchain provider Chain and will be available exclusively to CryptoPunks holders.
CryptoPunks is an NFT digital art collection of 10,000 different pixelated punk rock characters on the Ethereum blockchain.
Ownership of an NFT is registered on the blockchain and can be transferred to a new owner as NFTs are sold and traded.
CryptoPunks holders who purchase an NFTiff will gain access to create an exclusive, custom Tiffany & Co. pendant inspired by their own Cryptopunk character.
Holders will also receive a digital reproduction of the pendant as an NFT and a certificate of authenticity.
Tiffany & Co. will offer 250 limited edition pendants to holders of CryptoPunks NFTs, an NFT collection of digital art. (Image courtesy of Tiffany & Co.)
“We are incredibly excited to announce the debut of NFTiff, giving our customers the rare opportunity to turn CryptoPunks into custom Tiffany & Co. jewelry designs through an all-digital experience,” said Alexandre Arnault, Tiffany’s executive vice president of product and communications.
Arnault owns CryptoPunk #3167 and created his own custom Tiffany pendant of the character, sharing it on social media.
He also uses the character as his avatar, a common way for holders to show off their CryptoPunk character.
— Alexandre Arnault (@alexarnault) April 29, 2022
Inspired to bring the opportunity to others in the CryptoPunks community, the two collaborated to create the NFTiff passport and online portal NFT.Tiffany.com.
“As a CryptoPunks holder, I saw a partnership with Tiffany as a way to make NFTs accessible to new collectors, as well as strengthen the existing community that has embraced the art,” said Thapliyal.
“Tiffany’s vision and Chain’s technologies are the perfect combination to produce a beautiful product and a secure online experience.”
30 ETH ⛓💎 pic.twitter.com/WHKb25quex
— Deepak.eth ⛓ (@dt_chain) July 31, 2022
Tiffany’s designers will create the pendants using the 87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs, and match them with the most similar gemstone or enamel color.
Each pendant will contain at least 30 diamonds and/or colored gemstones, or both, set in 18-karat rose or yellow gold on an 18- to 22-inch chain.
While there are more than 10,000 CryptoPunks NFTs, only 250 pendants will be made, each with its CryptoPunks edition number on the back.
There will be a limit of three NFTiff passes available for purchase per person.
The pendants will be available worldwide via Tiffany’s NFT website on August 5.
The price is 30 ETH, which equates to about $50,300 as of press time.
The NFT delivery is planned for December, while the physical pendant delivery is expected in February 2023.
