Shalini Nagarajan

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        <ul>
                <li>Buyers will receive digital and physical versions of Tiffany&#8217;s CryptoPunk jewelry</li>
                <li>At current prices, the brand could net more than $12 million in ether if it sells all 250 pieces</li>
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<p>Luxury jeweler Tiffany’s wants to help CryptoPunk holders show off their NFTs (non-fungible tokens) in the real-world — in exchange for $50,000 in ether (ETH).</p>



<p>The LVMH-owned brand on Sunday <a href="https://nft.tiffany.com/faq/" target="_blank" rel="noreferrer noopener">announced</a> the sale of 250 customized diamond and gemstone encrusted pendants, with chains, dubbed “NFTiffs.”&nbsp;</p>



<p>Created by Tiffany &amp; Co designers, they are each priced at 30 ETH ($51,000). NFTiff buyers will receive both a digital and physical version of the NFT pendants.</p>



<p>Each CryptoPunk owner can purchase up to three NFTiffs. If Tiffany&#8217;s manages to sell all of its limited edition pieces, it could fetch 7,500 ETH ($12.7 million).</p>



<p>Tiffany’s NFT sale lasts just a week. It goes live on August 5 at 10 am ET and ends on August 12 at 9 pm ET. Delivery is expected to take place in early 2023.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany &amp; Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: <a href="https://t.co/FJwCAxw8TN">https://t.co/FJwCAxw8TN</a> <a href="https://twitter.com/hashtag/NFTiff?src=hash&amp;ref_src=twsrc%5Etfw">#NFTiff</a> <a href="https://twitter.com/hashtag/TiffanyAndCo?src=hash&amp;ref_src=twsrc%5Etfw">#TiffanyAndCo</a> <a href="https://t.co/pyKlWejHv4">pic.twitter.com/pyKlWejHv4</a></p>&mdash; Tiffany &amp; Co. (@TiffanyAndCo) <a href="https://twitter.com/TiffanyAndCo/status/1553811244536270852?ref_src=twsrc%5Etfw">July 31, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Blockchain firm Chain, which is backed by investors including Pantera Capital, Capital One, Citigroup and Visa, has partnered with NFTiffs to help facilitate the sale.</p>



<p>Chain CEO Deepak Thapliyal’s <a href="https://twitter.com/dt_chain/status/1553817138661654528" target="_blank" rel="noreferrer noopener">tweet</a> showing off one of the pieces received a mix of positive and negative reactions from the crypto immunity, with some calling the pendants overpriced. </p>



<p>The floor price for CryptoPunks, which represents the lowest valued tokens in the collection, is <a href="https://nftpricefloor.com/cryptopunks" target="_blank" rel="noreferrer noopener">currently</a> about 75 ETH ($126,000).</p>



<p>Tiffany &amp; Co vice president Alexandre Arnault first hinted at the NFT series in an April <a href="https://twitter.com/alexarnault/status/1512077865134686224" target="_blank" rel="noreferrer noopener">tweet</a>, which showed his CryptoPunk NFT as a rose gold-and-enamel pendant. The Tiffany&#8217;s brand and the CryptoPunk’s NFT number were engraved on it.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="und" dir="ltr">30 ETH ⛓💎 <a href="https://t.co/WHKb25quex">pic.twitter.com/WHKb25quex</a></p>&mdash; Deepak.eth ⛓ (@dt_chain) <a href="https://twitter.com/dt_chain/status/1553817138661654528?ref_src=twsrc%5Etfw">July 31, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h3 class="wp-block-heading">Tiffany&#8217;s tested the Web3 waters before diving in</h3>



<p>NFTiffs are the first NFT series offered by Tiffany&#8217;s, but the brand has been dabbling in the Web3 space all year.</p>



<p>Tiffany&#8217;s <a href="https://twitter.com/tiffanyandco/status/1508149472198549505?lang=en" target="_blank" rel="noreferrer noopener">announced</a> its entry into the digital collectibles space with its purchase of Rocket Factory’s Okapi NFT for 115 ETH ($361,000 then, $380,000 today) in late March. The jeweler has used the NFT as its Twitter profile picture ever since.</p>



<p>And on April Fools Day, it launched a series of limited edition gold coins called <a href="https://www.tiffany.com/stories/guide/tiffcoin/?omcid=sm-us_instagram-owned_tiffcoin+pdp&amp;utm_medium=social_media-us&amp;utm_source=instagram-owned&amp;utm_campaign=tiffcoin+pdp" target="_blank" rel="noreferrer noopener">TiffCoins</a>, complete with a logo reminiscent of stablecoin tether. Although, Tiffany&#8217;s didn’t issue any cryptocurrency — the company said it was a homage to its “Tiffany Money” coins that could be used to buy its merchandise in the 1970s.&nbsp;</p>



<p>A growing number of luxury brands have entered the NFT market, including Gucci, Louis Vuitton, Givenchy and Burberry.&nbsp;</p>



<p>And while trading volumes have <a href="https://cms.blockworks.co/nft-markets-experienced-a-roller-coaster-month-during-june/" target="_blank" rel="noreferrer noopener">slumped</a>, data has shown declining crypto asset prices still contributed to relatively healthy demand for NFTs, as investors look to snap up undervalued tokens.</p>



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