NFTiffs anyone?
Tiffany & Co have made a bold, forward thinking statement by partnering up with CryptoPunks, a collection of NFT’s that launched in 2017 consisting of 10,000 unique 8-bit-style generated characters stored on the Ethereum blockchain. Tiffany have produced a limited run of CryptoPunk pendants, featuring diamonds and precious gemstones. The CryptoPunks NFT’s have amassed a cult following, and are near impossible to get hold of now.
Tiffany & Co is a 186 years old fine jewellery brand, steeped in tradition, best known for its classic designs. This tradition makes their move to NFT’s and web3 a bold , but exciting statement for the brand. It is clear the narrative is shifting, and brands are seeing the potential of investing into web3 and NFTs or as Tiffany & Co called them, ‘NFTiffs’.
The collaboration features a real life pendant, however, these pendants will be far more limited than the CryptpPunk NFTs which there are around 10000 CryptoPunks available in the market however. Tiffany wants to keep their pendants limited and exclusive by only producing 250 CryptoPunk pendants which are priced 30 ETH (approximately 39.000 GBP).
NFTiff is redeemable for a custom-made piece of physical jewellery based on your CryptoPunk NFT, as well as another NFT that digitalises the final jewellery design.
Let’s dive into the design of these pendants; Tiffany & Co and CryptoPunks designers are converting the 87 attributes and 159 colours that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel colour. Ensuring each authentic custom pendant will be made rendered in 18-karat gold use at least 30 gemstones and diamonds like Sapphires, Amethyst, and Spinel. Lastly, the series number of the CryptoPunk and the Tiffany & Co. with mark the engraved number on the reverse side of the authentic pendant design.
In early 2023 the physical pendants have started to ship out to the owners which will arrive with a certificate of authenticity and an NFT of the pendant itself, creating a high-tech luxury jewellery infused limited edition pendant. These will no likely be priceless on the resale market.
This partnership indicates that well established brands are now becoming more receptacle to web3 & NFT’s, and are utilising it as a stream of revenue. This means that the space is getting more attention, which is fastening the process of adoption.
Currently all NFTiffs are sold out
