Tiffany & Co Launches a Limited Edition NFT Collection With CryptoPunks

Tiffany & Co. stated on July 31 that it would introduce its NFT, "NFTiff," which will be accessible only to CryptoPunk owners.

The NFTiff collaborative initiative allows CryptoPunks holders to turn their digital CryptoPunk NFT into a custom necklace. Any given CryptoPunk may only manufacture three unique necklaces using their NFTiff tokens. This limited-edition item is only available to Punk holders for 30 Ether.

Alexandre Arnault, formerly the president of Rimowa, was recently promoted to the position of executive vice president of product and communications at Tiffany, where he is in charge of the NFTiff programme.

In early April, work started on creating the Tiffany Punk pendants, and early samples were released. Since then, Deepak Thapliyal, CEO of blockchain infrastructure startup Chain, who are behind the launch of NFTiff, tweeted out a second tangible sample.

The fact that neither CryptoPunks nor its parent firm Larva Labs had any hand in the release, but rather that it was made possible by the IP rights of individual Punk owners, has piqued the curiosity of the community.

It has been stated that the minting contract states that of the total supply of 250 NFTiffs, 50 will be set aside for an allowlist and the other 200 would be made accessible to Punk holders via a public mint. All purchasers will be subject to KYC identification verification requirements, with a maximum purchase of three NFTs allowed.

According to the description, each of the 250 pendants is crafted with no less than 30 stones, including but not limited to sapphires, amethysts, and spinels. The reverse of each necklace will be etched with a unique Punk serial number and the Tiffany mark in 18-karat rose- or yellow-gold. Finally, collectors will get an NFT rendering of the pendant to go with it.

Although most people thought that the asking price of 30 ETH was too excessive, it will only be made accessible to a limited subset of the 10,000 owners of CryptoPunk, a non-tradable security whose current floor price is over $100,000 USD.

While the NFTiff is intended mainly as a collectable, the digital asset is also referred to as a "pass" at the bottom of Tiffany's FAQ page, suggesting that it may one day be redeemed for exclusive access to other products and services.