On Monday, the trading volume of CryptoPunks, one of the most popular non-fungible tokens (NFT) in the sector, increased by 1,847% over a 24-hour period. Over $1,226.68 worth of Ether (ETH) was traded from Punk NFTs during that time. The increased interest appears to be linked to the luxury retailer Tiffany & Co.’s launch of its NFT collection, which has a special feature for punk holders.
The set, dubbed “NFTiffs,” consists of 250 digital passes. Anyone can buy NFTiffs, which are minted on the Ethereum blockchain. However, CryptoPunk holders can redeem NFT for a customized jewelry experience. After purchase, Punk holders can choose to have a custom designed necklace and NFT digital artwork that looks like the finished jewelry design. Manufactured by in-house artisans and inspired by the Punks NFT collection.
Depending on Punk NFT’s color palette, Tiffany will make the pendants using no fewer than 30 gemstones such as sapphires, amethysts, spinels, and diamonds framed in 18k rose gold or yellow. Buyers will receive an offer for their lot by October, with physical delivery expected in 2023.
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Each NFTiff will cost 30 ether, which covers the cost of the NFT, custom necklace and chain, plus shipping and handling. There is a limit of three passes per customer, with sale starting August 5 at 10:00 AM and redemption time being August 12 at 9:00 PM ET.
At the time of publication, the price of CryptoPunks is 74.75 ETH, which means that jewelry enthusiasts must pay around $125,000 for Punk NFT plus 30 ETH for NFTiff if they want to participate in the custom jewelry trial.