On Sunday, July 31st, Tiffany & Co. announced its partnership with CryptoPunk to produce a collection of diamond-encrusted pendants tied to NFTs called “Nftiff.”
Tiffany & Co. is an American luxury jewelry and specialty retailer founded in 1837. it sells diamond jewelry, sterling silver, crystal, fragrances, water bottles, watches, and much more.
CryptoPunk is a non-fungible token collection on the Ethereum blockchain launched in June 2017 by the Larva Labs studio, a team of two Canadian software developers, John Watkinson and Matt Hall.
The partnership involves Tiffany & Co. creating and selling 250 customized, diamond-encrusted pendant necklaces of the famous NFT collection for 30ETH each, which is currently about $50,000.
According to Tiffany’s website, each necklace will include a combination of 30 diamonds and gemstones that will go on sale from August 5th, 2022.
However, these necklaces will only be available for CryptoPunk holders to purchase in the form of NFTs redeemable for the physical neckpieces.
Tiffany’s & Co is said to net about $12 million from the sale if it sells out, thus 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.
“Our designers will interpret each CryptoPunk into custom-designed pendants – 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.”
Tiffany & Co.
The partnership announcement was met with mixed sentiments from jewelry and crypto enthusiasts alike, who took to various social media channels to laud or criticize the initiative.
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Image Source – Tiffany & Co.
