Just when you think there’s
nothing new under the NFT sun, something sparkly this way comes.
Tiffany & Co. is offering NFTTiff, an opportunity for 250 CryptoPunks owners. It will convert those NFTs into a
Tiffany-quality customized pendent. The limited edition necklaces cost 30 ETH, a blockchain currency, translating to about $50,000.
Back in April, Alexandre Arnault -- Tiffany’s young
new executive vice president -- polled his Twitter followers, asking if Tiffany should make its first NFT, focusing on CrytpoPunk pendants. Just over 80% said, Yes, please.
Since then,
though, crypto has crumbled, starting an endless cascade of “NFTs are dead” headlines.
“NFTs Have ‘Fallen Off the Cliff’ as Sales Sink to Lowest Levels in a
Year,” reports Bloomberg, pointing out that sales last month plunged below the $1 billion mark. And the JPG NFT Index has dropped by about 70%.
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If the naysayers are right and
NFTs are just this decade’s version of Beanie Babies, Tiffany may well look like a 185-year-old trying to pass for a club kid.
But if the nascent currency bounces back, as many expect it
to, it may show just how prescient Arnault’s efforts are, building relevance with the young luxury crowd.
Since he joined Tiffany last year, the brand has partnered with singers
Beyonce and Jay Z and signed model Hailey Bieber as a spokesperson. With artist Kendrick Lamar, it crafted a customized Crown of Thorns, made from titanium and pavé diamonds.
(If his
name sounds familiar, it’s because his father is Bernard Arnault, head of LVMH, which recently acquired Tiffany.)
And as trendy as the NFTTiff offer is, it also links directly to
Tiffany’s reputation for creating classics. The company says it will make the pendants from either 18k rose or yellow gold, with each containing at least 30 stones.
For the uninitiated,
CryptoPunks are NFTs from a company called Yuga Labs, which also founded the Bored Ape Yacht Club. There are 10,000 one-of-a-kind punks, owned by celebrities like Mark Cuban, Serena Williams, Jay-Z
and Heidi Klum.
Tiffany artisans will turn those NFTs in jewelry, and says it will convert the 87 attributes and 159 colors that appear in the collection into the closest gemstone or enamel
color.
“Most designs will include bead-set, round-cut pave diamonds and/or gemstones,” the company says in its announcement. “Select custom pendants will include fancy stone
shapes. For example, to create the 3D glasses, Tiffany designers will leverage baguette stones.”
And it will add the enamel to square wells that represent the pixels in the NFT, drawing
from 70 different shades.
Chains are 18k gold, with rectangular links, also inspired by pixels.
Twitter can’t decide whether Tiffany is cutting-edge, or just late to the
party.
“Boring money grab,” groused one commenter. “Ah yes. When I think of cryptopunk, I think of Tiffany,” snarked another.
Others are stoked. “Even if
it's outside of your price range, it's a huge win for NFTs,” tweets Kevin Rose, a heavyweight in NFT land. “This is one of the top luxury/jewelry brands in the world...it's a big deal and
brings in new interest on both sides of the fence.”