Tiffany’s CryptoPunk NFT pendants to finally hit the markets

American luxury jewellery retailer and brand Tiffany & Co. is taking the use case of non-fungible tokens (NFTs) to the next level in the only way it knows how.

On Sunday, the company announced its new offering, NFTiff, on Twitter. According to the jeweller’s website, NFTiff is a collection of digital passes allowing CryptoPunk holders to create a custom-designed pendant inspired by their Punk NFT.

The sales of these NFTiffs will commence by August 5 at 10:00 AM EST, and only 250 of the passes will be available at 30ETH or just over US$ 50,000 (at the time of writing) apiece. The payment will cover the cost of the NFT, the custom pendant, the chain, and shipping/handling. Each customer is also limited to buying a maximum of 3 NFTiffs.

Each pendant will be created with at least 30 gemstones and/or diamonds on an 18k rose or yellow gold base. Tiffany’s designers will also pick gems matching the 87 attributes and 159 colours that feature across the CryptoPunk collection to ensure as much semblance as possible to the original NFT art.

The public first got a sneak peek at Tiffany’s new offering in April, when the company’s vice president Alexandre Arnault, posted his rose gold and enamel pendant based on his CryptoPunk #3167 on Twitter.

Tiffany’s announcement was met with mixed reactions on Twitter, with a few criticising it for being too expensive while most praised the brand for its application of NFTs.

The jeweller’s first foray into Web3 was in March when it acquired an Okapi NFT from Tom Sachs for US$ 380,000. Following the purchase, it updated its Twitter profile picture to an image of the NFT.

In April, it introduced TiffCoins, a series of limited-edition 18k gold coins that debuted on April Fools’ Day. The 499 gold coins were mostly ceremonial as they couldn’t be spent and only paid homage to the company’s history.

Photo: Tiffany & Co.