Tiffany & Co Secures 12M Profit From CryptoPunk NFT Collection

Tiffany & Co Secures 12M Profit From CryptoPunk NFT Collection
  • 250 limited-edition NFTs are introduced by Tiffany & Co.
  • The price of the pendants is 30 ETH.

Tiffany & Co., a high-end jewelry brand, introduces a Non-Fungible Token (NFT), which allows CryptoPunk owners to convert their NFT into unique pendants adorned with diamonds and gemstones. The NFT collection is called NFTiff.

Multi-million Profit From the NFT Sale

NFTiffs is a set of 250 digital passes made available by Tiffany & Co.. Holders of CryptoPunks will be able to buy one of 250 NFTiff passes enabled by Chain, a blockchain solutions provider, for Tiffany. A maximum of three times per person can mint a unique pendant based on their CryptoPunk.

Each NFT will be available for purchase for 30 ETH worth around $50,406 at the time of writing, it includes the NFT, the customized NFT pendant, as well as delivery and shipping. Tiffany will make over $12 million profit from the sale. Tiffany’s designers will use the 159 colors and 87 features that are present in the 10,000 CryptoPunk NFTs to match the most suitable gemstone or enamel color. 

The NFT sale will start on August 5 and end on August 12, 2022, and the physical necklace is estimated to be delivered in early 2023. Furthermore, holders will receive a digital rendering before the real pendant, and the qualifying users will also receive an NFT version of the pendant in addition to the physical pendant. 

In early April, the company’s vice president Alexandre Arnault, who owns CryptoPunk #3167, turned his NFT into a pendant and uploaded it on social media, and it sparked the campaign. To establish a presence in the web3 world and engage with a new generation of customers, Tiffany & Co. has joined the slew of luxury fashion house companies.

Recommended for you 

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.