Tiffany & Co., a fine luxury jewelry maker since 1837, unveiled its first NFT collection to CryptoPunk holders. The luxury jewelry maker makes its entry into NFTs with an NFT collection.
The NFT collection is exclusively launched for CryptoPunk holders, which will also grant them the power to turn their NFT into a customer pendant made of diamonds and stones.
This is not the jewelry maker’s first entry into NFTs. The company had dived into NFT when it purchased Okapi NFTs from Tom Sachs.
Tiffany & Co. unveils 250 limited-edition NFTs
The entire initiative began when Alexandre Arnault turned his CryptoPunk #3167 into a pendant, which was shared by him on his social media channel.
CryptoPunk holders will be eligible to purchase one amongst 250 NFTiff passes enabled by blockchain solutions startup Chain from Tiffany, with a limit of three per person, allowing them to create a custom pendant depending on their CryptoPunk.
Each NFT will be sold for 30 ETH, which is an all-inclusive price for the NFT, the custom NFT pendant, and the delivery and shipping. Tiffany & Co. designers will convert each CryptoPunk into a custom-designed necklace, translating the 87 traits and 159 colors found among the 10,000 CryptoPunk NFTs to the most matching gemstone.
The sale will commence on August 5, 2022, and will end on August 12, 2022, and the physical pendant is expected to be delivered in early 2023.
Before the final pendant, a digital rendering will be sent out to the holders. Apart from the physical pendant, an NFT version of the pendant will also be given out to the eligible users. Tiffany & Co has now joined the ranks of a wave of premium fashion firms aiming to get a footing in the web3 world and interact with a new generation of clients.
This move comes during a time when the NFT sales are slumping and not happening at their peak performance.