On Aug. 5, iconic luxury goods brand Tiffany & Co. will begin offering 250 digital passes/non-fungible tokens (NFTs) that can be redeemed for one-of-a-kind pendants inspired by CryptoPunks NFTs.
The pendants — which come with NFT digital artwork resembling the final jewelry design — are going for 30 Ethereum each, or about $51,000 at this writing.
The jeweler announced the collection, called NFTiff, in a tweet on July 29.
NFTiffs will be offered exclusively to holders of CryptoPunks — a collection of 10,000 NFTs released in 2017. Some of those NFTs have sold for millions of dollars.
CryptoPunk owners who buy NFTiffs can opt to hold them as collectible NFTs or have them “transformed into a bespoke pendant handcrafted by Tiffany & Co. artisans” (example above), according to the website linked to Tiffany’s tweet.
Tiffany & Co. designers will select appropriate gemstones and enamel colors to translate the 87 attributes and 159 colors that appear across the CryptoPunk NFTs into physical pendants.
Each pendant, made in 18-karat rose or gold, will boast at least 30 diamonds and/or other gemstones, such as sapphires, amethysts and spinel.
Each buyer is limited to three NFTiffs. Buyers will receive the pendants and accompanying NFT by October.
Tiffany first entered the NFT space in March, by purchasing an Okapi NFT of a rocket from luxury goods retailers Tom Sachs, reportedly for $380,000.
On April Fools’ Day, Tiffany introduced TiffCoins, a collectible series of 499 sold-gold coins.
Soon after, the company created a CryptoPunk-inspired pendant for Alexandre Arnault, its vice president of products and communications.
The NFTiff collection marks a greater commitment to metaverse-tied products and marketing for Tiffany, following other exclusive retail brands like Gucci, Prada, Louis Vuitton and Bulgari.
Tiffany's NFT collection will be powered by Chain, a blockchain technology company founded in 2014 and funded by Capital One, Nasdaq and Visa.
“This proves that interest in Web3 will not be ending anytime soon for brands, despite market conditions,” says Jack Cameron, co-founder of Luna Market, the metaverse advertising and tech company behind the Nyx and Under Armour NFT, in an emailed statement.
“However, as the space continues to mature and more brands join, it is becoming crucial for brands to build correctly in the Metaverse,” he adds. “If these activations are done right, it will be one of the most powerful ways for brands to connect with loyal customers. They can receive direct feedback, learn the wants and needs of customers and build products that reflect those opinions.”