Luxury jewelry brand Tiffany & Co. is selling 250 exclusive diamond pendants to CryptoPunk NFT holders.
What Happened: The LVMH Moet Hennessy Louis Vuitton ADR-ownedLVMUY company unveiled the “NFTiff” collection over the weekend.
Each NFT pendant will be sold for 30 Ethereum ETH/USD each, worth around $50,000 at current prices. The 250 custom-made pieces would net over $12 million if sold out.
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
The luxury brand partnered with blockchain startup Chain to build the infrastructure required for the release.
The pendants will feature a combination of diamonds and gemstones encrusted in a design inspired by the CryptoPunk owner’s Punk NFT.
The collection will be available from Aug. 5 and can be redeemed by minting and purchasing NFTs offered by Tiffany. In order to make a purchase, CryptoPunk owners will have to connect their blockchain-based wallets to which they control the private keys. Punk holders will only be able to purchase a maximum of NFTs from the collection.
CryptoPunks is one of the most popular NFT collections built on the Ethereum blockchain. The 10,000 limited edition NFTs were created in 2017 and have a floor cap of $680,000 ETH as of press time.
Price Action: According to data from Benzinga Pro, Ethereum ETH/USD was trading at $1,695, down 0.33% over 24 hours.