Tiffany & Co. is creating its own unique take on non-fungible tokens (NFTs) with the launch of a limited-edition range of “NFTiffs” that include a physical pendant.
The luxury jewellry maker has teamed up with CryptoPunks, which offers a collection of NFTs on the Ethereum blockchain, to produce 250 digital passes called NFTiffs.
Anyone who purchases an NFTiff has the options to redeem their pass for “a custom designed pendant and a NFT digital artwork that resembles the final jewelry design.”
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 NFTiffs go on sale on Aug. 5 and a maximum of three can be purchased per customer. Each one will cost 30 Ethereum, which at the time of writing means spending around $47,000. The price includes the cost of the NFT, the custom pendant, the chain, and shipping.
According to the NFTiff FAQ, each custom pendant will convert “87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color.”
Each pendant will use at least 30 gemstones and/or diamonds and will be approximately 30mm long and 20-30mm wide. Every customer will be sent a render of their pendant by October, but can’t influence the design.
The draw here for potential buyers is the very limited nature of the pendants. There’s only going to be 250 made, and only CryptoPunks holders who buy an NFTiff can order one.
So there is certainly potential for the pendants to increase considerably in value over time, and Tiffany & Co. could bolster the value by repeating the pendant idea in future, opening the way for collector’s to try and purchase the entire set.