Tiffany & Co. Is Giving CryptoPunks IRL Value
Tiffany & Co wades deeper into NFTs with the launch of “NFTiff,” the 184-year-old jewelry maker’s brand-new NFT venture arm.
NFTiff’s first project kicks things off with a bang: Tiffany is partnering with blockchain tech company Chain to provide CryptoPunk owners IRL jewelry shaped like their punk that’s nearly as valuable as the real (digital) deal.
Although there are over 10,000 CryptoPunks in existence, Tiffany is only producing 250 CryptoPunk pendants in total. Each priced at 30 ETH (approximately $50,000), the pendants all come with a certificate of authenticity and an NFT of the pendant itself, creating a sort of high-tech luxury ouroboros.
When punks go wild at @TiffanyAndCo
#3167
Rose gold and enamel Cryptopunk.
Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.
LFG! pic.twitter.com/M2c8AmwU0R
— Alexandre Arnault (@alexarnault) April 7, 2022
Considering that the cheapest Punk on the market at time of writing is a whopping 74ETH, the 30ETH gilded chain adds a flex to one of web3’s already most sought-after digital artworks.
The debut NFTiff project is inspired by the gem-studded CryptoPunk chain that Tiffany & Co. exec Alexandre Arnault designed for himself earlier this year.
Note that the jewelry company isn’t collaborating with CryptoPunks directly because they don’t actually need to: when Yuga Labs purchased the rights to CryptoPunks from Larva Labs back in March, they also released the IP (intellectual property) directly to each NFT’s owner, thus enabling them to make whatever they wanted with their Punks.
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Tiffany & Co expects the made-to-order jewelry to be ready by February 2023.
Interested CryptoPunk holders can sign up from August 5 to order their own bespoke Punk pendant on the NFTiff website, with the options to order jewelry in either 18k rose or yellow gold and at least 30 gemstones or diamonds.
Given that the 10k CryptoPunks are all comprised of an AI-guided mix of 159 colors and 87 attributes, each piece of jewelry will be as unique as the Punks themselves.
However, Tiffany is restricting orders to CryptoPunk owners who purchase an NFTiff pass, limited to three per person. That’s a pretty small barrier to entry for anyone looking to get in on the most opulent NFT flexes ever made.
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