The world-famous jewelry brand launched its first NFT collection, consisting of diamond-encrusted pendants. These Tiffany NFTs are available for CryptoPunk NFT owners, and the collection is limited to 250 NFTs.
The necklaces will be available for purchase by CryptoPunk holders in the form of NFTs (non-fungible tokens). These tokens can be used to redeem physical pendants. If the entire collection is sold, Tiffany will make around $12 million, but they can earn potentially more from the resale royalties.
Real product brands enter the NFT space
According to DappRadar data, $25 billion was spent on NFT trading volume in 2021. Comparatively, NFT trading organic volumes volume has increased to $3.7 billion in May 2022, surpassing the amount of the previous year.
Although many companies have entered the space, there are some brand names that attract more attention than others. One such brand is the world-renowned jewelry brand Tiffany and Co.
In a recent Twitter announcement, Tiffany announced that they would be launching the “NFTiff”, an exclusive digital asst collection for CryptoPunks owners. These special NFTs are said to have been handcrafted by Tiffany’s artisans.
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
According to Tiffany & Co., the collection of 250 digital passes will be redeemable only by CryptoPunks holders “or the creation of a custom designed pendant and an NFT digital artwork that resembles the final jewelry design.”
Each of these special pendants and their corresponding NFTs will be specifically created to suit the Cryptopunk NFT of the owner.
What are the conditions of these Tiffany NFTiff?
- Only 250 NFTiffs passes are available for purchase (launching on August 5th, 2022)
- Each customer may purchase a max of 3 NFTiffs.
- The price of an NFTiff is 30 ETH.
How are the Tiffany NFTs related to the CryptoPunks NFTs?
Tiffany’s designers will use each custom CryptoPunk to design a custom pendant for their owner, using their 87 attributes and 159 colors to select the gemstone and enamel color for the pendants.
Of course, the final product will be unique and inspired by a very specific CryptoPunk NFT, but Tiffany also stated that they would use at least 30 gemstones and/or diamonds for their designs, such as Sapphires, Amethyst, and Spinel. The NFTiff owners will receive the first rendering of their pendants’ designs by October 2022, and they will not be able to participate in the designing process.
What is the blockchain for the Tiffany NFTs?
Tiffany is launching its NFTiffs on the Chain protocol, which is making all the necessary technical preparations. Deepak Thapliyal, Chain’s CEO, posted a teaser on Twitter for this upcoming collaboration with Tiffany a week before the grand announcement.
Other big brands that have launched NFTs
Digital ownership is attracting more investors than ever, and the metaverse seems like a place where most people want to be. That’s why we can see an increasing number of big-name brands launching their own NFTs.
Some of these are:
- Gucci (started a partnership with NFT marketplace SuperRare)
- Coca-Cola (they are minting and selling NFTs for charity)
- Nike (the company bought RTFKT Studios, a Web3 company that creates one-of-a-kind sneakers and digital artifacts)
- Lamborghini (they sold five beautifully designed images of a Lamborghini Ultimae launching into space above the Earth)
- Adidas and Prada launched a joined NFT project (“Into the Metaverse” collection, which grans owners of Bored Ape Yach Club (BAYC) NFTs physical wearables and other digital perks)
However, not all NFT and crypto enthusiasts are pleased by all these news and big companies joining the space. Some argue that these NFTs are only meant for individuals who “love to flex.”