Key points to remember
- Tiffany & Co. raised over $12.5 million on its first NFT collection today.
- Priced at 30 ETH each, the collection of 250 CryptoPunks-inspired NFTs sold out in 20 minutes.
- Tiffany & Co. is just the latest in a growing list of luxury brands to dabble in crypto and NFTs.
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Tiffany & Co. has become the latest major brand to venture into the NFT world with a collection of limited-edition Ethereum-based tokens and matching CryptoPunks-themed jewelry. Priced at 30 ETH, the 250 coins sold out in about 20 minutes, fetching over $12.5 million.
Tiffany & Co. launches the first NFTs
Tiffany’s has made a lavish entry into the NFT space.
— Tiffany & Co. (@TiffanyAndCo) August 5, 2022
The world-renowned luxury jeweler today launched its first NFT collection, a series of 250 CryptoPunks-inspired digital passes dubbed “NFTiffs.” The NFTs were priced at 30 ETH, or around $50,000 at today’s prices. The collection sold out in about 20 minutes, grossing over $12.5 million. Tiffany & Co. launched the collection on the Ethereum blockchain via Chain Protocol.
NFTiffs are digital passes that CryptoPunk NFT holders can redeem for digital artwork based on their original Punk. Each digital artwork will come with deluxe pendants in the same design. The pendants themselves will be luxury items, made of carefully selected gold and gemstones to match each of the different CryptoPunks traits. They should be shipped in early 2023.
Although anyone (except those on a sanctioned list) can purchase an NFTiff, only CryptoPunk holders are eligible to redeem them for digital art based on their Punk and a fine jewelry pendant. corresponding. To do this, exchange wallets must contain an NFTiff and a CryptoPunk to model the new artwork. NFTiffs must be redeemed by August 12.
Despite cooling conditions in the crypto market, the NFT sector has shown some resilience over the past year, with several established brands taking steps to establish a foothold in the space. Tiffany & Co. is just one of many luxury brands to launch on Web3 in recent months, along with other notables like Gucci and Louis Vuitton.
Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.