CryptoPunk holders may acquire handmade jewelry patterned like their NFT (non-fungible token) from Tiffany & Co. for about $50,000 (30 Ethereum) – and no, this is not a joke. The pendant, which will include “at least” 30 diamonds or gemstones, will be suspended on an 18K gold chain with a clasp set with five pave diamonds.
The promotion is exclusively available to CryptoPunk owners, hence the bizarre pixelated avatars you keep seeing on Twitter (no, not those ones, the other ones). But don’t be fooled by the too basic graphics – the average cost of these things is over $200,000, even after many months of diminishing market sales activity. There are only 10,000 CryptoPunk designs, and you can now have your own customized into a gem-laden pendant (assuming you’re wealthy enough to purchase the NFT or the pendant in the first place).
Tiffany & Co. has already dabbled with the realm of Web3. It announced the acquisition of a $380,000 NFT that resembles a child’s doodle in March (sorry, not sorry). Tiffany eventually introduced their cryptocurrency “TiffCoin” as an April Fool’s Day hoax. While the cryptocurrency never existed, the joke was used to promote Tiffany’s genuine, limited-edition 18K gold coins. Even in this case, the jeweler is targeting current NFT holders as possible consumers rather than attempting to promote NFTs to those who purchase its regular physical items.
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
Tiffany’s NFTiff pendant joins an expanding list of high-end items that include NFTs. Last month, Chevrolet attempted to auction off an NFT packaged with a free 2023 Corvette, but received no offers, while Alfa Romeo began integrating an NFT with its new Tonale SUVs.
Tiffany promises to make a pendant “with the utmost accuracy” to the original CryptoPunk artwork. It goes into great depth on this FAQ page, where it gets down to business about how it intends to make this NFT-inspired piece of jewelry.
Tiffany’s costly trinket will be accompanied by an “NFTiff,” Tiffany’s “clever” moniker for an NFT. Tiffany claims that CryptoPunk holders may manufacture and redeem 250 NFTiffs once acquired. The NFTiffs and their pendants will be available for purchase on Tiffany’s special NFT website on August 5th at 10 a.m. ET.
