Tiffany & Co is a brand on the forefront of the NFT and crypto revolution and now their latest project, NFTiff, has sold out. NFTiff is a collection of 250 digital passes which may be minted when purchased and redeemed by Cryptopunk holders for the creation of a custom design pendant and a NFT digital artwork that resembles the final jewelry design. The pendant will be designed and crafted by Tiffany & Co. artisans, and inspired by the Cryptopunk owner’s Punk NFT. Only 250 NFTiff passes were be available for purchase. Each of them has sold for 30 Ether which means Tiffany got a total of $12.5 million for the collection at the current exchange rates.
Tiffany 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. Depending on which CryptoPunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art. Clients will not have the ability to participate in the design process or provide feedback on the render of NFTiff.
According to the analytics firm Dune, 99 NFTiffs have been redeemed so far. The average price of sales in the secondaries market so far has been roughly 10% below the 30 Ether purchase price. However, recent transactions have exhibited a clear uptrend and the 2 latest transactions sold for exactly 30 Ether. We are very curious to see where the journey will take the price but there is clearly still ample demand in the crypto community and among Tiffany fans for unique NFT investment pieces. Even before NFTiff, Tiffany had been engaged with the NFT community with their TiffCoin project. We are eager to see what’s next in their pipeline.
Images courtesy of Tiffany & Co.
