Luxe Brand Tiffany Launches 250 CryptoPunk NFT Necklaces for 30ETH

Key Insights:

• Tiffany unveiled a bespoke pendant collection for owners of CryptoPunk NFTs.
• The company will launch the NFTiff collection of 250 NFTs on Aug.5, each priced at 30ETH ($50,000).
• Chains NFTs Tweeted that soon there would be a digital memory pendant for Bored Ape Yacht Club NFT holders.

CryptoPunks NFT holders have good news from the luxury jewelry brand Tiffany & Co.

The company announced that it would sell a series of 250 non-fungible tokens (NFTs) dubbed “NFTiff” exclusively for CryptoPunk holders. For a hefty price of 30 ether (ETH) each (around $50,000), these NFTiffs represent bespoke bejeweled pendant necklaces featuring their valuable avatar.

The future is here and it’s called NFTiff.
8/5. 30 ETH. Discover more: https://t.co/8tXkzyJAv8 #NFTiff #TiffanyAndCo pic.twitter.com/P7bIMmVOaB

— Tiffany & Co. (@TiffanyAndCo) July 31, 2022

Per the company’s NFT FAQ page, each CryptoPunk owner is entitled to purchase a max of 3 NFTiffs, which will allow them to mint a customized pendant. The sale will be live from August 5.

The company said each piece of the pendant would have at least 30 stones, including gemstones and/or diamonds. The base of the charm “will be in 18k rose or yellow gold based on the color palette of the NFT,” it added.

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

Alexandre Arnault, the vice president of products and communications at Tiffany& Co, first promoted the pendant in April, which reflected the features of CryptoPunk #3167, which he owns.

Arnault said in a Tweet that the pendant was made of rose gold encrusted with sapphire, Mozambique ruby glasses, and yellow diamond.

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

NFT Community Isn’t Happy With the Price

Following the announcement, the NFT community had mixed reactions on social media, mostly criticizing the enormous price of NFTiffs. However, many CryptoPunk holders were largely excited about the offering from a luxe jewel brand.

One user criticized, saying, “I don’t need Tiffany’s to immortalize my CryptoPunk.”

Hot Take: I don't need Tiffany's to immortalize my CryptoPunk. That's what Ethereum is for.

I don't find any additional value in flexing jewelry they make over say wearing an avatar on my smartwatch. Much more secure as well.

— Allen (@0xAllen_) July 31, 2022

The co-founder of Blocktones wrote that he isn’t happy with the exorbitant price of each NFT that Tiffany is yet to launch. He said Tiffany would make around 12.7 million on the sale of all NFTs, which is “hilarious.”

I have no beef with Tiffany selling 250 Cryptopunk pendants/NFTs for 30 ETH.

I won’t be buying one, but it’s a luxury brand and anybody spending that amount of money knows what they’re getting.

People love to flex and you can’t put a price on that.

— gino.eth (@GinoTheGhost) July 31, 2022

While, other users had a bullish stance on the launch, despite their prices. One user questioned the controversy saying, what else do you expect from a luxury jewelry brand?

Founder and CEO of Zen Academy said the launch was an “excellent way to enter the NFT space.”

This is actually a really excellent way to enter the NFT space. Very much "on brand" 🤌

Lots of people hate Tiffany's and think they're overpriced (they kinda are, you're paying for the brand and packaging).

But there's clearly a market for them — and this suits that market 🔥

— Zeneca_33 (🔮,🔥) (@Zeneca_33) July 31, 2022

However, this isn’t the first time Tiffany has entered the world of NFTs. In March 2022, the company purchased an Okapi NFT from contemporary artist Tom Sachs for $380,000.

The NFTiffs are a collaboration with the blockchain-based tech firm Chain.

BAYC Holders Next

In a similar announcement on Sunday, Chains NFT, a collection of 10,000 fully producible fine jewelry assets, announced that Bored Ape Yacht Club NFT holders, which dominated the NFT space, will get a chance to purchase physical and digital memory pendants.

Who says Punks get to have all the fun?

Coming soon, BAYC holders will be able to create and purchase a 1/1 physical and digital memory pendant. @BoredApeYC fam where you at?! pic.twitter.com/WM7c57lmOK

— Chains NFT (@chains_nft) July 31, 2022

The blockchain firm said this would be a shoutout to Tiffany “for entering the space and bringing millions of new eyes on NFT digital and physical jewelry!”

It also called for collaborations from other NFT communities on the upcoming BAYC pendant sale.