The luxury jewelry company Tiffany & Co. wants to take its first steps in the non-fungible token (NFT) sector. They want to sell NFTs themselves to CryptoPunk owners. This NFT will give holders the opportunity to have a personalized necklace made from their CryptoPunk. Tiffany will use various diamonds and gemstones for these necklaces.
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisan. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
This action started when Alexandre Arnault turned his CryptoPunk #3167 into a physical necklace, which he then shared on social media.
When punks go wild 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) Apr 7, 2022
250 NFTiffs available
Out an announcement the jeweler revealed that they are going to make a total of 250 NFTs, also known as NFTiffs, available as part of a limited campaign. CryptoPunk holders will have the option to purchase one of these 250 NFTiffs, with a maximum of three per person. With this NFT they can have a personalized necklace made.
Each NFT will be sold for 30 Ethereum (ETH), or approximately $50,000. This price includes the NFT chain and delivery. Tiffany & Co. has worked hard to find the right gems for all 87 attributes and 159 colors of the 10,000 different CryptoPunks, making her look exactly like their digital counterpart. The necklace will measure approximately 3 cm by 2 to 3 cm.
Each necklace will contain a minimum of 30 gemstones and diamonds. In addition, each necklace has a unique engraving of the number of the CryptoPunk. Holders will also receive a digital version of the necklace with a certificate of authenticity.
Sales for the NFTiffs will begin on Friday, August 5 at 4:00 PM for eligible users. With this promotion, Tiffany & Co wants to take the first steps in the Web3 sector to get a new generation of customers.
April 1 crypto joke
However, this is not the first step for Tiffany in the cryptocurrency sector. The company has announced TiffCoins for April 1 this year. Although these ultimately turned out not to be digital coins, but gold coins, we did get a taste of the jeweler’s crypto ambitions.