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NFT: Tiffany and Co. enters the NFT arena by releasing CryptoPunks diamond necklace collection
Tiffany and Co. have jumped into the world of non-fungible token or NFT with the release of its CryptoPunks diamond necklace pendant collection. This will be exclusively available for purchase to all existing owners of CryptoPunk NFTs.
Then again, it was reported by CoinDesk that Tiffany & Co. had set a limit of just 250 CryptoPunks pendants for this drop. The luxury jewellery and speciality retailer will be putting the popular NFT collection on the Ethereum blockchain on chains as diamond necklaces.
The company will be selling these to CrypoPunks holders for 30 ETH, which is equivalent to about $50,000. These will be customized, and each pendant will have a combination of 30 diamonds and precious gemstones such as amethyst, sapphires, and spinel.
Tiffany & Co. said that it would release the necklaces, and their sale will officially begin on Aug. 5. CryptoPunks owners will be able to buy them in the form of non-fungible tokens, but they can also be redeemed for the physical version of the necklaces at the stores.
The luxury jewellery maker is expected to gain more than $12 million from the sale of the CryptoPunks diamond-encrusted pendants if these are sold out. The company will also earn more additional profit from this NFT from resale royalties.
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
At any rate, the release of Tiffany & Co.’s NFTs based on the famous digital avatar collection is said to be part of its collaboration with Chain, a crypto startup firm that will also handle the launch’s back end. The startup’s chief executive officer, Deepak Thapliyal, already hinted about its teaming up with the jewellery maker last week via social media post.
As to how will Tiffany & Co. design the CryptoPunks pendant, it answered the inquiry via its frequently asked question page.
“Tiffany & Co. designers will interpret each CryptoPunk into custom-designed pendants - converting the 87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color,” the jewellery maker said. “Depending on which CryptoPunk owners purchase pendants, each piece will have atleast 30 gemstones.”
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