Tiffany & Co. Confirm The Debut Of CryptoPunk Pendants
- Tiffany & Co. has confirmed that it will jump on the NFT bandwagon by launching NFT pendants exclusive to CryptoPunks holders
- Furthermore, the firm also confirmed that the physical form of the CryptoPunks pendants will come sometime next year
Tiffany & Co., the firm known for selling Luxury jewelry items, has entered the non-fungible tokens (NFT) space. According to an announcement made this Sunday, Tiffany & Co. is set to sell NFTs, enabling CryptoPunk holders to turn their NFTs into custom pendants containing diamonds and gemstones.
Promoting Blockchain Bling, the company has released 250 tokens under its limited edition campaign, prompted by vice president Alexandre Arnault. Arnault himself owns CryptoPunk #3167 and shared NFT turned pendant on social media in April 2022.
Tiffany & Co. has joined the plethora of high-end fashion brands, making an effort to gain a footing in the web3 space and connect with a new generation of customers with this move.
Designed and crafted by the company, the collection comprising 250 tokens can be “purchased and redeemed by CryptoPunks holders for the creation of a custom-designed pendant and an NFT digital artwork that resembles the final jewelry design.”
CryptoPunk holders will be able to buy one of 250 NFTiff passes enabled by Chain, a blockchain solutions provider, for Tiffany, up to three times per person, allowing them to mint a unique pendant based on their CryptoPunk. The price of each NFTiff is 30 ETH, which covers the cost of the NFT, the personalized pendant, the Chain, as well as shipping and handling.
Explaining how these pendants will be designed, Tiffany explained that the designers will “interpret each CryptoPunk into custom-designed pendants,” converting the 159 colors and 87 attributes that appear across the CryptoPunk NFTs collection to “the most similar gemstone or enamel color.” The company will also include an engraving of the CryptoPunk’s edition number on the back of the pendant.
Interestingly, Tiffany’s designers will use at least 30 gemstones and/or diamonds for each NFT pendant to produce the custom designs with the best degree of fidelity to the original NFT art, depending on which CryptoPunk owners purchase pendants.
Customers will get a render of their piece along with a certificate of authenticity by October 2022. Moreover, the company anticipates that the delivery of the physical items will happen in early 2023, but the digital NFTs will be available to view once the final rendering completes on the Ethereum blockchain.
Notably, On April 1, Tiffany announced the release of TiffCoin as an April Fool’s joke before turning it into a real, limited-edition gold coin.