Jewelry Giant Tiffany to Sell CryptoPunk NFT Pendants for Ethereum
Cryptocurrency community members and Ethereum (ETH) believers have given Tiffany & Co. a mixed response after the luxury jeweler unveiled a range of CryptoPunks Non-fungible Tokens (NFTs) themed gold and gem-coated pendants.
In a post on its website, the company said that it strategically planned to create what it calls NFTiffs, describing the products as “a collection of 250 digital passes” that can be “minted when acquired and converted by CryptoPunks investors for the creation of a custom designed pendant and a NFT digital artwork that bear a resemblance to the final jewelry design.”
Also Read: A Detailed Guide To The Coinbase Account Recovery
The company further added that its pendants would be “designed and crafted by Tiffany jewelry artisans,” but would be “inspired by” CryptoPunk owners self punk NFT.
In a typical NFT and Tiffany style, scarcity appears to be the key selling point. The company explained that “only 250 NFTiff passes” would be made available “exclusively to CryptoPunk investors.” No customer allowed to buy more than three NFTiffs. Buyers will need to purchase their NFTs on the Ethereum Blockchain Technology. These tokens would then be redeemable for real tangible pendants.
Also Read: How To Unlock A Restricted Coinbase Account?
The firm will be asking for Ethereum 30 (USD 50,700) for each pendant, and aims to begin retailing the items on 5th August. Tiffany is stands to make some USD 12 million from sales if shifts all 250 NFTs. But could also be making gains at a later date in the resale market – as secondary-market sales will also bring the firm profits in form of royalties.
Tiffany further added that its designers and jewelry would “interpret each CryptoPunk” into a custom-designed pendant, “converting the 87 attributes and 159 colors that give the impression across the collection of 10k CryptoPunk NFTs to the most similar gemstone or enamel color.”
Buyers will have until 12th August to convert their NFTs – with real-world “renderings” ready by October.
The jewelry company has collaborated with the Web3 and Blockchain Technology cloud infrastructure provider Chain for its move – which is described as “bold” by Kevin Rose, the Founder of Moonbirds.
Also Read: U.S. Charges Ex-Coinbase Manager In First Crypto Insider Trading Case
Rose wrote, on Twitter:
“Even if it is outside of your price budget, it is a huge win for NFTs. This is one of the top luxury/jewelry companies in the world. It is a huge thing and brings in new interest on both sides of the fence.”
But not everyone shared his optimism: @0xAllen_ opined that crypto user “do not need Tiffany is to commemorate” their CryptoPunk NFTs as “that is what Ethereum is for.”
He added:
“I do not find any supplementary value in flexing jewelry they make over say wearing an avatar on my smartwatch. [It is] much safer as well.”
Leave a Comment