For owners of the CryptoPunk NFTs, a luxurious jewelry company, Tiffany & Co has decided to sell about 250 diamond pendants. Also, these pendants would have gemstone encrusted on them.
The jewelry company made the announcement on the 31st of July on their Twitter page. The CryptoPunk pendants would be priced at about 30 Ethereum each. Judging by the present value of Ethereum, that’s about $50,600 for each pendant.
Sales Of The Customized Pendants To Start On the 5th Of August
Meanwhile, the FAQ page of the NFTiffs platform says the sales will begin on the 5th of August. Also, users can only purchase them on the website using NFTiff tokens.
Each CryptoPunk can only mint a single pendant using a maximum of just three NFTiff tokens. Users can also customize the design of the pendants using over 87 distinct characteristics and 159 colors.
Besides, the pendant is 18-karat yellow or rose gold. This depends on the NFTs’ color palette. If all the pendants in the limited edition sell out completely, the company will make over 7,500 ETH (approximately $12.7 million).
Furthermore, Alexandre Arnault, the VP of the jewelry firm, was the first to promote the campaign. Arnault owns CryptoPunk #3167. He showcased the CryptoPunk to his Twitter community in April.
Meanwhile, the Twitter cryptocurrency community is happy about the latest development. Several users cannot wait to get their customized pendants.
Tiffany & Co And NFTs
A Twitter user, @markfidelman, the CMO of SmartBlocks Agency, applauded the decision. He referred to the pendants as “incredibly tasteful.” Additionally, the user said other Web2 platforms that want to transition into Web3 should learn from this offering by $NFTiff.
It was in March that the company first entered the world of NFTs. As of then, Tiffany has bought the Okapi NFT of Tom Sachs, a famous artist, for $380,000.
Also, on the 1st of April, Tiffany & Co had predicted the TiffCoins. The TiffCoins is a limited edition gold coin with the organization’s logo engraved. The company produced 400 coins made of 18-Karat gold.
Moreover, luxury brands are embracing the crypto sector in large numbers. Several luxury companies already accept crypto for payment, like FARFETCH, Balenciaga, and Gucci.
In April, Prada, Louis Vuitton, and Cartier partnered together to develop a consortium blockchain, Aura. This blockchain makes use of NFTs that helps to wade off counterfeits. Also, it would allow high-end shoppers to authenticate goods and track materials and products.