Luxury jewelry maker Tiffany & Co. revealed its first NFT collection to CryptoPunk holders. The luxury jewelry maker taps into the world of NFTs with an NFT collection.
The NFT collection is solely launched for CryptoPunk holders, which will also present them with the ability to turn their NFT into a customer pendant created of diamonds and stones.
However, this is not the jewelry maker’s first entry into NFTs. The company had already had its fair share of involvement in NFT Space when it bought Okapi NFTs from Tom Sachs.
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Tiffany & Co. Reveal 250 limited-edition NFTs in their NFT Collection
The entire endeavor started when Alexandre Arnault hung his CryptoPunk #3167 into a pendant, which was conveyed by him on his social media channel.
CryptoPunk holders will be qualified to purchase one amongst 250 NFTiff passes facilitated by blockchain solutions startup Chain from Tiffany. These passes come with a limit of three per person, allowing them to build a custom pendant relying on their CryptoPunk.
Every NFT will be sold for 30 ETH, these are all-inclusive prices for the NFT, the custom NFT pendant, and for the delivery and shipping. Tiffany & Co. designers will alter each CryptoPunk into a custom-designed necklace, changing the 87 traits and 159 colors found among the 10,000 CryptoPunk NFTs to the most matching gemstone.
The sale will begin 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 dispatched out to the holders. Apart from the physical pendant, an NFT version of the pendant will also be handed out to the eligible users. Tiffany & Co has now entered the ranks of a wave of premium fashion firms seeking to get a foundation in the web3 world and interact with a further generation of clients.
This NFT Collection from Tiffany comes in when the NFT sales are declining and not happening at their peak performance as they used to. It will be interesting to see this initiative pans out for them.
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