Tiffany’s Wants CryptoPunk Holders to Buy Matching Bling for $50K ETH
Tiffany & Co’s new range of limited edition diamond and gemstone pendants is only available to CryptoPunk holders
key takeaways
- Buyers will receive digital and physical versions of Tiffany’s CryptoPunk jewelry
- At current prices, the brand could net more than $12 million in ether if it sells all 250 pieces
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).
The LVMH-owned brand on Sunday announced the sale of 250 customized diamond and gemstone encrusted pendants, with chains, dubbed “NFTiffs.”
Created by Tiffany & 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.
Each CryptoPunk owner can purchase up to three NFTiffs. If Tiffany’s manages to sell all of its limited edition pieces, it could fetch 7,500 ETH ($12.7 million).
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.
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.
Chain CEO Deepak Thapliyal’s tweet showing off one of the pieces received a mix of positive and negative reactions from the crypto immunity, with some calling the pendants overpriced.
The floor price for CryptoPunks, which represents the lowest valued tokens in the collection, is currently about 75 ETH ($126,000).
Tiffany & Co vice president Alexandre Arnault first hinted at the NFT series in an April tweet, which showed his CryptoPunk NFT as a rose gold-and-enamel pendant. The Tiffany’s brand and the CryptoPunk’s NFT number were engraved on it.
Tiffany’s tested the Web3 waters before diving in
NFTiffs are the first NFT series offered by Tiffany’s, but the brand has been dabbling in the Web3 space all year.
Tiffany’s announced 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.
And on April Fools Day, it launched a series of limited edition gold coins called TiffCoins, complete with a logo reminiscent of stablecoin tether. Although, Tiffany’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.
A growing number of luxury brands have entered the NFT market, including Gucci, Louis Vuitton, Givenchy and Burberry.
And while trading volumes have slumped, data has shown declining crypto asset prices still contributed to relatively healthy demand for NFTs, as investors look to snap up undervalued tokens.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
