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- Joining the luxury trend, Tiffany will release a collection of 250 non-fungible tokens on Friday. This can be redeemed by the purchaser for her pendant called NFTiff. a Presale is open To 100 CryptoPunks owners whitelisted by the brand on Wednesday, according to the company’s tweet.
- According to the NFTiff FAQ webpage, each NFT, including a redeemable pendant designed like an NFT avatar, costs 30 Ether. At the time of publication, this is worth over $47,000.
- Shoppers are limited to purchasing up to 3 NFTiffs over $140,000. The collection of NFTs comes from his CryptoPunk collection, a “very popular” set of 10,000 of his NFTs launched in 2017.
Even Audrey Hepburn might have been interested in getting an NFTiff, as the necklace pendant is crafted in 18 carat rose or yellow gold.
We are taking NFTs to the next level. Exclusive to CryptoPunks holders, the NFTiff turns your girlfriend’s NFT into a bespoke her pendant handcrafted by her Tiffany & Co. artisans. You will also receive an additional NFT version of her pendant. Details: https://t.co/FJwCAxw8TN #NFTiff #tiffany and company pic.twitter.com/pyKlWejHv4
— Tiffany (@TiffanyAndCo) July 31, 2022
NFTiff is designed to emulate purchased CryptoPunk NFT avatars. Each CryptoPunk NFT is unique, no two pendants are the same, and the materials and colors used vary. Each pendant contains at least 30 stones ranging from diamonds to sapphires, some with special baguette stones.
Data from Dune shows that NFT sales have slowed in recent months, with monthly transaction volume in June on the largest NFT marketplace, OpenSea, being less than a third of what it was in May. That said, June’s monthly volume was still strong, surpassing $695 million. Additionally, CryptoPunk NFT sales surged after Tiffany’s announcement on Sunday, according to CryptoSlam data.
CryptoPunk NFT collections are notorious for selling at high prices. According to Business Insider, in February his NFT, one of his collections, sold for his 8,000 Ether, which at the time was priced at around $23.7 million.
Tiffany & Co. joins the list of luxury brands entering the NFT space. Prada, Gucci and Louis Vuitton are among the few luxury retailers he has invested in NFT initiatives in the past year.