Techspace - After being a part of Web 3.0 for months, Tiffany & Co., a popular luxury jewelry brand has announced their plan to launch their own non-fungible token (NFT) series, named as NFTiff.
The brand introduced their NFTiff via Twitter, also informing that NFTiff will be live for the public on August 5 at 10:00 a.m. EST, with each of the NFT priced at 30 ETH or around $51,000.
What is NFTiff?
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
NFTiff is a collection of 250 digital passes created by Tiffany & Co., that can only be minted by CryptoPunk holders. .
Buyers who purchase NFTiff will get a customized pendant based on their minted NFTiff and its digital artwork that represents the final design of the pendant.
NFTiff can only be bought from its official website, https://nft.tiffany.com. To buy the NFTiff, buyers need to have a cryptocurrency wallet that holds private keys in a way to secure digital assets. Besides, the digital NFTiff will be transferred into the crypto wallet after the final design is finished
There will be only 250 NFTiffs available for purchases, making it an exclusive NFT for the holders. In addition, one person can only buy a maximum of 3 NFTiffs.
The deadline for buyers redeem their NFTiff is no later than August 12, 2022 at 9:00 p.m. EST
More about the pendants
Before transferring their NFT into a pendant, buyers need to mint their NFT through the NFTiff website. The pendants will be designed based on CryptoPunks artwork while converting totals of 87 attributes and 159 colors from over 10,000 CryptoPunk artworks. Each pendant will contain yellow or rose gold, with at least 30 combined diamonds and gemstones. The brand said that it will make the pendants as close as possible to the original NFT artwork. Even though this pendant is customized based on CryptoPunk NFT, it is impossible to do the additional custom request.
Tiffany & Co. Journey to the Web 3.0
The brand's first step into Web 3.0 was made in March this year, when Tiffany & Co. made a tweet from its Twitter account after purchasing "Okapi", an NFT that represented a fully arranged rocket, created by Tom Sachs on his Rocket Factory NFT collection. It was sold for 115 ETH or around $380,000.
They’re here! 💸 TiffCoins are an homage to our “Tiffany Money” and a celebration of our history. Strictly limited to 499 coins, individually engraved and numbered: https://t.co/TvH8FWHb4I #TiffCoin #TiffanyAndCo pic.twitter.com/0psnm18vUU— Tiffany & Co. (@TiffanyAndCo) April 2, 2022
Following that particular move, Tiffany & Co. released another product on April's fools day, the TiffCoins. TiffCoins is a limited-edition 18k gold coin which only produced 499 pieces, with each coin carved with a series number.
The TiffCoins actually was a prank made by the brand based on cryptocurrency, and to celebrate its history. However, Tiffany & Co. stated that TiffCoins is not a cryptocurrency, nor can be traded to any products as payment tools.
These limited coins are only available in limited countries, such as the US, the UK, Australia, and Canada.
After TiffCoins, Tiffany & Co. bold move to the Web 3.0 was when it made a pendant for Alexandre Arnault, the Executive President of Products and Communications of Tiffany & Co. The pendant design is based on CryptoPunk #3167, the NFT artwork he owns. The pendant uses rose gold as the base, inlaid with sapphire, ruby, and yellow diamond.
By releasing its first NFT, Tiffany & Co. has recently shown its big interest towards Web 3.0, which opens up the possibility of the brand to step up further into Web 3.0.