Tiffany & Co, the luxury jewellery brand, has announced the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk nonfungible token (NFT) holders.
It has been reported that the handcrafted CryptoPunk pendants were announced by the jewellery brand on Sunday on Twitter, and are priced at 30 Ether (ETH), equivalent to $50,600 each, as of August 1.
However, according to an NFTiffs FAQ page, the NFTiff token sale is set to launch on August 5 at 2:00 pm UTC, and will only be available for purchase NFTiff tokens via its website. Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to mint a customized pendant.
The report said that there are 87 different attributes and 159 colors that can be used to custom design the pendants, and the pendant itself will be composed of 18-Karat rose or yellow gold, based on the color palette of the NFT. Should all the limited edition pendants sell out, Tiffany & Co stands to make 7,500 in ETH, currently $12.7 million, as of August 1.
Likewise, the campaign was first promoted by Tiffany & Co vice president Alexandre Arnault, who owns CryptoPunk #3167 in April. In a tweet, Arnault revealed his new rose gold and enamel CryptoPunk, which was transformed with a new sapphire and Mozambique-colored set of glasses and a yellow diamond round earring.
Thus, luxury brands are no strangers to the crypto space, with many beginning to accept crypto as payment, such as Gucci, Balenciaga and Farfetch. Last April, Louis Vuitton, Cartier and Prada joined forces to launch Aura, a consortium blockchain that will utilize NFTs so that high-end shoppers can authenticate goods, track products and materials and also fight counterfeits.
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