Tiffany & Co. Unveils NFTiff Collection, Exclusive for CryptoPunks Owners

Luxury brand Tiffany & Co. recently announced its plan to launch a series of NFTs. The NFTiff collection includes the sale of 250 diamond and gemstone encrusted pendants specifically for CryptoPunks NFT owners. The brand hinted at the sale on a Twitter post over the weekend. Interested buyers can expect the sale to begin on August 5. The tokens are priced at 30 Ether (ETH) or approximately $50,000. Tiffany & Co. also offers a physical pendant alongside the NFT version.

“We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://nft.tiffany.com #NFTiff #TiffanyAndCo,” tweeted the brand on August 1.

However, NFTiff tokens will only be available for purchase on its website. These will be the first NFT products to be offered by Tiffany & Co. as part of its endeavor to enter the Web3 industry. The brand limits each CryptoPunk to a maximum of three NFTiff tokens. Owners will be able to choose from 87 different attributes and 159 colors for their customized pendants. The brand projects a profit of 7,500ETH (around $12.4 million) should the 250 NFTs sell out.

Tiffany & Co vice president Alexandre Arnault touched on this initiative in April. Arnault is the owner of CryptoPunk #3167. Generally, crypto enthusiasts have since welcomed the move made by the luxury brand. “More Web2 firms looking to dip their toes in Web3 need to be learning from the quality of this $NFTiff offering and taking notes,” said SmartBlocks Agency chief marketing officer Mark Fidelman.

Earlier in March, Tiffany & Co. purchased an Okapi NFT from artists Tom Sachs for $380,000. This marked the company’s first venture into NFTs. The following month, it unveiled TiffCoins — limited-edition gold coins — on April Fool’s Day. “No, we’re not launching our own cryptocurrency,” the company explained. “But these very real limited-release 18k gold coins are a modern version of our Tiffany Money and celebration of our history.

Sources: Decrypt, CoinTelegraph