Tiffany & Co Changing CryptoPunk NFTs Into $50K Custom Pendants

The NFT space keeps growing as more investors come in. Luxury jewelry brand Tiffany & Co has confirmed the sale of 250 diamond and gemstone encrusted pendants on behalf of CryptoPunk non-fungible token (NFT) holders.

These handcrafted CryptoPunk pendants were introduced by the jewelry brand on July 31 on Twitter, and are priced at 30 ETH, equivalent to $50,600 each at the time of publication. The customized pendants will go on sale on August 5.

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

Based on an NFTiffs Frequently-Asked Questions page, the NFTiff token sale is scheduled to launch on August 5 at 9 am (CST), and will just be available for buying NFTiff tokens through its website.

Every CryptoPunk is limited to a maximum of three NFTiff tokens that enable them to mint a customized pendant. There are up to 87 different attributes and 159 colors that can be utilized to custom design the pendants. The pendant itself will be composed of an 18-Karat rose or yellow gold, according to the color palette of the NFT.

In case all the limited edition pendants sell out, Tiffany & Co stands to make 7,500 in ETH (currently $12.7 million).

The campaign was first promoted greatly by Tiffany & Co vice president Alexandre Arnault, who is the owner of CryptoPunk #3167 in April. In a tweet, Arnault announced his new rose gold and enamel CryptoPunk that was designed with a new sapphire and Mozambique-colored set of glasses coupled with a yellow diamond round earring.

When punks go wild at @TiffanyAndCo

#3167

Rose gold and enamel Cryptopunk.

Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.

LFG! pic.twitter.com/M2c8AmwU0R

— Alexandre Arnault (@alexarnault) April 7, 2022

CryptoPunk And Crypto Community Reacts

The crypto space on Twitter seems majorly excited about the new NFT offering from the luxury jewelry brand. Twitter user markfidelman, CMO of SmartBlocks Agency, called the NFT project an “incredibly tasteful activation,” adding:

“More Web2 firms looking to dip their toes in Web3 need to be learning from the quality of this $NFTiff offering and taking notes.”

This is actually a really excellent way to enter the NFT space. Very much "on brand" 🤌

Lots of people hate Tiffany's and think they're overpriced (they kinda are, you're paying for the brand and packaging).

But there's clearly a market for them — and this suits that market 🔥

— Zeneca_33 (🔮,🔥) (@Zeneca_33) July 31, 2022

The jewelry firm first ventured into NFTs in March, when they acquired an Okapi NFT from modern artist Tom Sachs for $380,000. Since then, Tiffany & Co have set the rocket-styled NFT as their permanent profile picture on Twitter.

Tiffany & Co, on April Fools’ Day, also produced “TiffCoins”, a limited-release of some 400 18-Karat gold coins with the company logo solely engraved on every coin.

Luxury brands are not strangers to the crypto space, with most of them starting to accept crypto as payment, such as Balenciaga, Gucci, and FARFETCH.

In April, Cartier, Louis Vuitton (LVMH), and Prada joined forces to launch Aura, a consortium blockchain that will use NFTs so that high-end shoppers can validate goods, and track products and materials, while also fighting counterfeits.