Tiffany & Co – luxury brand enters the NFT market

Tiffany announced yesterday that she is releasing her first NFT. The luxury brand has set out to take NFTs to a new level. Soon, all CryptoPunks holders will be able to have their CryptoPunk NFT turned into a custom pendant handcrafted by Tiffany & Co staff. Additionally, buyers will receive an NFT version of the trailer.

What is an NFTiff?

NFTiffs represent a collection of 250 NFTs offered by Tiffany. When a buyer buys an NFT, they can redeem it for a specially designed CryptoPunk pendant. The pendant is designed and made by the craftsmen from Tiffany & Co. The composition of materials looks like this:

GOLD:
The pendant will be 18k rose or yellow gold based on NFT’s color palette. The rose and yellow gold perfectly complement the base color of each dot type. The lighter base colors and the alien background will be made of 18R, and the two darker base colors will be made of 18Y.

STONE:
Each follower will have at least 30 stones. The stones may contain precious stones and/or diamonds. The carat weight per pieces will vary depending on the property.
Most designs contain pearl set diamonds and/or round cut gemstones. Selected custom pendants feature fancy stone shapes. For example, Tiffany designers will use baguette stones to create the 3D glasses.
The CryptoPunk colors are represented as accurately as possible using the natural colors of various gemstones.

THE CHAIN:
The pendant also includes an 18k gold adjustable chain inspired by the shape of square pixels. The shackle (connecting device to the pendant) allows for fluid movement of the pendant and is accented with 5 pave diamonds.

A maximum of 250 NFTiffs will be sold in total, of which the maximum order quantity is limited to 3. The Tiffany NFT together with the pendant costs 30 Ether. At the current Ethereum price of $1650, this equates to around $50,000. The sale starts on August 5.

This is what the CryptoPunk trailer might look like later

Critique – Are NFTs Abused by Tiffany as a Marketing Tool?

Even before NFT was released, the criticism on social media was huge. Above all, the asking price of $50,000 stands out here. So Twitter user “Greg” tweeted if they didn’t mean $30 instead of the required 30 Eth.