Luxury jewelry brand Tiffany & Co has announced the sale of 250 diamond and gemstone pendants to holders of Non-Foldable Tokens (NFT).
The handmade CryptoPunk pendants by the jewelry brand were announced Sunday on Twitter, priced at 30 Ether (ETH), the equivalent of $50,600 each at the time of writing.
According to the NFTiffs FAQ page, the NFTiff token sale is set to go live on August 5 at 2:00 PM UTC and will only be available to purchase NFTiff tokens via their website.
Each CryptoPunk is limited to a maximum of three NFTiff tokens which allow them to make a custom pendant. There are 87 different themes and 159 colors that can be used to design custom pendants, and the pendant itself will be made of 18k rose gold or yellow gold, based on the NFT color palette.
If all the limited-edition pendants are sold, Tiffany & Co will fetch 7,500 in ETH, currently $12.7 million at the time of writing.
The campaign was first promoted by Tiffany & Co Vice President Alexander Arnault, who owns CryptoPunk #3167 in April. In a tweet, Arnault revealed his new rose-gold-enameled CryptoPunk, which has been transformed with a new set of sapphire-colored eyeglasses and round yellow diamond earrings.
The crypto community on Twitter appears to be pretty excited about the luxury jewelry brand’s new NFT offering.
Twitter user Markfidelman, chief marketing officer at SmartBlocks Agency, described the NFT project as an “incredibly cool revitalization,” adding:
“More Web2 companies looking to dip their toes into Web3 need to learn from the quality of this NFTiff presentation and note-taking.”
The jewelry company first entered the NFTs in March when Okapi purchased the NFT from contemporary artist Tom Sachs for $380,000. Since then, Tiffany & Co has put a rocket-shaped NFT as their Twitter profile picture.
On April Fools’ Day, April 1, Tiffany & Co also produced TiffCoins, a limited edition of 400 18-karat gold coins with the company’s logo individually engraved on each coin.
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Luxury brands are no stranger to the cryptocurrency space, as many have begun to accept cryptocurrencies as a means of payment, such as Gucci, Balenciaga and Farfetch.
Last April, Louis Vuitton, Cartier and Prada joined forces to launch Aura, a blockchain consortium that will use NFTs so that premium shoppers can authenticate merchandise, track products and materials, as well as combat counterfeiting.