NFTiff – the newest collaboration transforming CryptoPunks into jewellery – marks high-end brand Tiffany and Co’s latest partnership, with the new project renewing interest in CryptoPunks and driving a 248 percent spike in sales volume.
The iconic American jewellery Brand Tiffany and Co. recently unveiled a collection of diamond-studded CryptoPunks pendants.
The collection of diamond pendants is exclusively available for CryptoPunk NFT owners to purchase, and is limited to 250 editions. Given the fact that there are 10,000 CryptoPunks, getting your hands on a customised necklace will be difficult even if you own a Punk.
They will be available to buy for 30 Ethereum (ETH), which is approximately $50,000. On top of the iced-out necklace, that $50,000 will get you a one-of-one NFT of your diamond studded CryptoPunk.
If Tiffany and Co. happens to sell out the collection, they will earn around $12 million. Even more revenue-creating opportunity comes in the form of royalties, which will be made for every sale of the thrown-in NFT of the necklace.
The release is part a tie-up with the crypto startup Chain, which is taking care of the launch’s back end. Chain’s CEO, Deepak Thapliyal, first teased the collaboration last week.
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
The jewellery firm made its first foray into NFTs in March when they paid $380,000 for an Okapi NFT created by modern artist Tom Sachs. Since then, Tiffany & Co. has made the NFT-style rocket their Twitter profile picture.
CryptoPunks had been gaining a small amount of collector interest prior to the Tiffany and Co collaboration. CryptoPunk #4464 notably reversed NFT market trends in mid-July by selling for a massive 2,500 ETH (approximately US$2.6 million). CryptoSlam identified this as the single-largest NFT sale from the previous 30 days, despite typical winter market lows.
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