Luxury jewellery firm Tiffany & Co. Took to Twitter to announce a new product called Nftiff, which it calls “the future”. The new product merges the the luxury of actual, physical jewelry – which Tiffany are famous for – and the rarity and worth of digital collectables.
The Tiffany & Co. blog posted about the limited edition Nftiff products and states that the wares represent a collection of 250 digital passes.
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
The Nftiffs are being produced in collaboration with Yuga Labs, holders of the Cryptopunks IP. As such they’re an offer exclusive to current Cryptopunks NFT holders and customers are limited to buying three Nftiffs each. Whoever buys a Nftiff will also get a custom-designed pendant and NFT that personifies the artwork in real life jewellery.
Each Tiffany Nftiff will cost 30 Ethereum (ETH) and will go live on August 5, 2022, from 10:00 am (EST). (Currently, 30 ETH is around $50,000.) Buyers will receive the NFT, pendant and shipping once they’ve made payment for the Nftiffs.
The company’s blog post stated, “Tiffany & Co. Designers will interpret each Cryptopunk into custom-designed pendants – converting the 87 attributes and 159 colours that appear across the collection of 10,000 Cryptopunk NFTs to the most similar gemstone or enamel colour,”
The luxury jewellery company explained, “Depending on which Cryptopunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art. Examples of gemstones include but are not limited to sapphires, amethyst, and spinel.”
Meanwhile on social media…
It didn’t take long for Tiffany’s new Nftiffs to spark a conversation on Twitter, with many users commenting on how expensive the Nftiffs were. One Twitter user wrote, “Tiffany’s is releasing 250 NFTs for 30 ETH each = $11 Million. In this market.’
Another individual said they put blue-chip NFTs on jewellery before Tiffany’s came up with the idea, and tweeted about the upcoming Tiffany’s NFT launch.
Nftjeweler.eth tweeted, “When I put Cryptopunks on Jewellery, everyone made fun of me. Now [Tiffany’s] is about to drop 250 Punk chains and sell out for 30 ETH each.”
Tiffany stated that people should be cautious when buying the Nftiffs and should only interact with the official Tiffany site which will be the exclusive supplier.