Tiffany & Co. NFTs Collaboration with CryptoPunks Sold Out in Minutes

Tiffany & Co recently debuted its first NFT collection last Friday. After its launch, users rushed to buy the 250-NFTiff collection selling it out within 20 minutes. Through the sale, the luxury brand was able to raise over $12.5 million. Tiffany & Co. priced each NFTiff token at 30ETH (around $50,000). The limited-edition collection includes digital passes which allowed owners to mint and redeem custom-designed along with a matching NFT art piece.

The sale, however, was exclusive to CryptoPunk owners. CryptoPunks first launched in 2017. It features 10,000 unique 8-bit-style generated characters. CryptoPunks brand lead Noah Davis regards the collection as “essentially the cave paintings of Web3 art.” Davis was the former head of digital sales at British auction house Christie’s. “We’re talking about the earliest successful, and enduringly so, community-based NFT project,” he added.

Designers of the luxury brand aim to create a custom pendant for each NFTiff purchased. The design will most likely be based on the buyer’s own CryptoPunk. According to Tiffany & Co., each piece will be rendered in 18-karat gold and feature at least 30 gemstones and/or diamonds. Davis noted that this collaboration is just one of the many possible projects tied to the NFTs.

“Owning an NFT means that you own an entry on the blockchain. It’s an indelible entry that can never be modified fraudulently, cannot be faked, cannot be copied, cannot be destroyed. It’s there forever. Owning an NFT is a really powerful thing for the digital era,” Davis explained. YugaLabs’ acquisition of CryptoPunks earlier in March granted all holders commercial rights. This is what enabled Tiffany & Co. to push through with its pendants project.

“Owning a token does not just mean this JPEG belongs to you. It means you have certain rights with regards to what you can do with your CryptoPunk, what kind of IP you can build around it. There are extremely few restrictions,” noted Davis. “In this instance, owners of Cryptopunks are essentially commissioning Tiffany’s to create new IP out of their CryptoPunk, and that new IP is a pendant. You have to own the CryptoPunk in order to own the IP for the pendant.”

“If we are heading into an era where the virtual world is going to become more important and essential to our lived experience, owning virtual goods is going to be that much more valuable,” added the CryptoPunks brand lead. “To get an edge on that, for these luxury companies to enter the space now, when we are really still early, it’s brilliant and it makes perfect sense.”

Source: CNN