Jewelry brand Tiffany & Co. has unveiled its collection of diamond-encrusted and NFT-backed CryptoPunk pendants.
Tiffany Announces NFT Collection
The NFT adventures continue for Tiffany & Co. On Sunday, it was announced that the luxury jewelry retailer would be selling NFTs as part of a limited-edition campaign. Under this project, the brand will convert CryptoPunk NFTs into custom pendants containing real gemstones and diamonds for the NFT holders. The company announced the project via a tweet, which read,
“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.”
VP Inspires Custom Pendant Campaign
The campaign idea originated from Tiffany’s VP, Alexandre Arnault, who is the owner of the CryptoPunk #3167 NFT. In early April, Arnault turned his NFT into a custom Tiffany-branded pendant and shared it on social media, where the idea garnered serious interest. The campaign will now allow 250 other CryptoPunk holders to get a custom and limited-edition Tiffany piece.
The jewelry designers at Tiffany will be pulling inspiration from the entire CryptoPunk NFT collection to standardize the gemstones and enamel colors. Each necklace pendant will feature at least 30 diamonds and gemstones along with engraving the CryptoPunk NFT edition that inspired it. Buyers will also receive a digital rendering of the pendant and a certificate of authenticity.
Who Can Avail And How?
The company is collaborating with blockchain solutions company Chain to release 250 passes called NFTiffs. In fact, Chain CEO Deepak Thapliyal had even hinted at the project with a “coming soon” tweet earlier this month. In order to get a custom Tiffany necklace, CryptoPunk holders will need to purchase one of these NFTiff passes that will go live on August 5, 2022, at 10 AM EST, only for eligible users. Each NFTiff will cost 30 ETH and will include the cost of the NFT, the custom pendant, the chain, and shipping and handling charges. Once they purchase the pass, the NFT holder can then mint a custom pendant, which will be shipped to them.
In terms of popularity, CryptoPunks are up there with other genre leaders like the Bored Ape and the Mutant Ape collections. The CryptoPunk projects have been grabbing eyeballs, especially due to their frequent tie-ups and project deals similar to the NFTiff campaign. Last year, CryptoPunk creator Larva Labs signed an intellectual property deal with Hollywood-based United Talent Agency (UTA). Global financing network VISA has also purchased a CryptoPunk worth a whopping $150,000 back in 2021.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.