Luxury jeweler Tiffany & Co is set to launch its first set of non-fungible tokens (NFTs), a series of CryptoPunks NFTs-themed gold and gem-encrusted pendants.
Dubbed NFTiffs, the NFT-backed product features 250 digital passes that can be “minted when purchased and redeemed by CryptoPunks holders for the creation of a custom-designed pendant and an NFT digital artwork that resembles the final jewelry design,” the company announced in a Sunday post.
Although the pendants would be designed and crafted by Tiffany artisans, they would draw their inspiration from the CryptoPunk owners’ own punk NFT. The company noted that its designers would interpret each CryptoPunk into a custom-designed pendant, “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.”
Each pendant will carry a minimum of 30 gemstones and diamonds and include an engraving of the Punk’s edition number behind.
The initiative is the brainchild of the company's vice president Alexandre Arnault, the owner of CryptoPunk #3167. Back in April, he turned his NFT into a pendant.
Holders of CryptoPunk NFTs will be able to purchase one of the 250 NFTiff passes beginning on August 5, 2022, at 10:00 AM EST, with a maximum of three passes per person. The passes would allow them to mint a custom pendant based on their CryptoPunk.
The custom pendants are not cheap since Tiffany is asking for 30 ETH (about $50,700 at current market prices) for each piece. This includes the cost of the NFT, the custom pendant, as well as handling and shipping costs. The jeweler stands to make around $12 million if all 250 NFTs are sold plus royalties from secondary market sales.