Tiffany & Co. announced Sunday, July 31, that it is launching its first NFT project, dubbed NFTiff. The project will launch 250 “digital passes” on Aug. 5, available exclusively to CryptoPunk holders.
Those who purchase an NFTiff will have their Punk converted into custom pendants – priced at 30 ETH each – handcrafted by Tiffany & Co. jewelers.
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
NFTiff is headed by Alexandre Arnault, executive vice president of product and communications at Tiffany and former president of Rimowa. In February he joined the CryptoPunks community when he changed his Twitter profile picture to his NFT CryptoPunk.
Tiffany & Co. and Web3
Shortly after Alexandre Arnault showed off his CryptoPunk, Tiffany & Co. marked its entry into the Web3 space with the acquisition of Tom Sachs’ “Okapi” in March for $380,000. NFT’s artwork is now the company’s profile image on Twitter.
— Tiffany & Co. (@TiffanyAndCo) March 27, 2022
The first examples of CryptoPunk pendants were revealed in April, when Arnault first tweeted about a pendant in the likeness of CryptoPunk #3167, the NFT he owns.
When punks go wild at @TiffanyAndCo
Rose gold and enamel Cryptopunk.
Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.
— Alexandre Arnault (@alexarnault) April 7, 2022
Shortly after Tiffany & Co. officially announced the NFTiff, Deepak Thapliyal, the CEO of the blockchain infrastructure company – which powers the NFTiff – also tweeted a photo of his custom-made CryptoPunk pendant.
30 ETH ⛓💎 pic.twitter.com/WHKb25quex
— Deepak.eth ⛓ (@dt_chain) July 31, 2022
CryptoPunk and its parent company, Larva Labs, are not involved in this project. Instead, individual CryptoPunk holders are leveraging their intellectual property rights to allow Tiffany to craft the pendants.
According to Twitter user “MikeSylphDapps,” who read the minting contract, the presale of the NFTiffs is only for addresses on the permitted list, with 50 mints available.
I read through the contract. Presale is for allowlisted address only and has 50 mints available. Public sale has another 200. Both functions do a kyc check, too, though they have a switch to toggle that.
— mike.sylphdapps.eth 🦇🔊 (@MikeSylphDapps) July 31, 2022
The remaining 200 coins will be available at public sale. All interested buyers will have to pass a KYC check and each customer will only be able to purchase a maximum of three NFTiffs.
Tiffany says at least 30 gemstones, including sapphires, amethysts and spinels, will be used in each piece. Each pendant will be made of 18-karat rose or yellow gold, depending on the NFT color palette, and will have the CryptoPunk series number engraved on the back. Buyers will receive a version of their pendant in October.
Buyers can anticipate delivery of the physical pendant in early 2023, although the digital NFTiff is available to view once the final rendering is completed as a standalone 1-of-1 custom NFT on the Ethereum blockchain.
When shipped the final delivery from Tiffany & Co. includes a personalized pendant on a chain, a certificate of authenticity and Tiffany & Co. signature packaging.
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