money Jewelry Brand Tiffany and Co. Unveils $50K CryptoPunk Necklaces
Luxury jewelry brand Tiffany and Co. (TIF) is putting CryptoPunks on-chain: diamond chains.
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://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
The company is selling 250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000) a pop to holders of the famed avatar collection. Each necklace will include a combination of 30 diamonds and gemstones, according to Tiffany’s website.
The necklaces will go on sale Aug. 5 and are only available for CryptoPunk holders to purchase in the form of non-fungible tokens (NFT) redeemable for the physical necklaces. Tiffany will net over $12 million from the sale if they sell out, standing to make even more profit from resale royalties.
The release is part of a tie-up with the crypto startup Chain, which is taking care of the launch’s back end. Chain’s CEO, Deepak Thapliyal, first teased the collaboration in a tweet last week.
NFT Twitter had mixed reactions to the announcement, with some users criticizing the pendant’s high price. Others praised the collaboration as a step forward for the collection’s image.
I have no beef with Tiffany selling 250 Cryptopunk pendants/NFTs for 30 ETH.
I won’t be buying one, but it’s a luxury brand and anybody spending that amount of money knows what they’re getting.
People love to flex and you can’t put a price on that.— gino.eth (@GinoTheGhost) July 31, 2022
