Luxury jewellery brand Tiffany and Co. is the latest to get into the NFT game by launching custom NFT themed diamond necklaces.
On Sunday, the brand announced 250 limited-edition ‘NFTiffs’ that would be exclusive to CryptoPunks holders.
CryptoPunks is a non-fungible token (NFT) collection on the Ethereum blockchain. It consists of 10,000 uniquely generated characters which can be officially owned by a single person on the blockchain.
Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed.
With NFTiffs, the jewellery brand is launching a collection of 250 digital passes which can be redeemed by CryptoPunks holders for the creation of a custom pendant and an NFT digital artwork that resembles the final design.
‘The pendant will be designed and crafted by Tiffany & Co. artisans, and inspired by the Cryptopunk owner’s Punk NFT,’ said the brand.
Tiffany jewellery designers will interpret each CryptoPunk into custom pendants – converting the 87 attributes and 159 colours that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel colour.
Based on the colour palette of the NFT, the pendant will be in 18k rose or yellow gold with at least 30 gemstones like diamonds, sapphires and amethyst.
Only 250 NFTiff passes will be available for purchase and each customer can only purchase a maximum of 3 NFTiffs.
By October, clients will receive a render of their piece but will not have a say in the design process or how their final piece will look like.
The final custom NFT necklace will be shipped to customers in early 2023 along with a ‘Certificate of Authenticity’.
Before that, the digital NFTiff will be available to view as a standalone custom NFT on the Ethereum blockchain.
Each necklace will cost 30 ETH which currently amounts to around £40,600 which sounds like a steep price to pay.
However, the announcement has already generated a buzz on social media among crypto enthusiasts for the sale starting on August 5.