Tiffany & Co.: Limited NFT Collection Sold Out After Short Time | 19/08/22

In early August, Tiffany & Co. to sell a limited NFT collection of 250 digital one-time items. The so-called “NFTiffs” sold out the same day. CryptoPunks owners who were able to secure one of the 250 digital passports can now look forward not only to an NFT, but also to an individually designed piece of jewelry from Tiffany & Co.

• Tiffany & Co. sells 250 so-called “NFTiffs”
• CryptoPunks holders will receive digital NFT artwork and custom pendant
• Digital cards sold out in a short time

On July 31, Tiffany & Co., which last year became part of the French luxury goods group LVMH, announced the sale of a limited NFT collection of 250 digital one-off products. “We’re taking NFTs to the next level. Exclusively for CryptoPunks holders, NFTiff turns your NFT into a custom pendant, handcrafted by artisans at Tiffany & Co. You’ll also receive an additional NFT version of the pendant,” Tiffany & Co explained . in a tweet.

NFTiffs can be redeemed for NFT and trinket

The so-called “NFTiffs” represent a collection of 250 digital passports offered by Tiffany & Co. that are stamped upon purchase and used by CryptoPunks holders to create a custom pendant, and NFT digital artwork that resembles the final jewelry design can redeemable,” Tiffany & Co. said on its website. In order to purchase an NFTiff and then redeem it for an NFT and a custom pendant, customers must already have a token from the CryptoPunks NFT collection, which is considered one of the ​​the first NFT collections and started the hype and are now used for Prices are traded in the millions.

CryptoPunks are 10,000 unique 8-bit style generated NFTs stored on the Ethereum blockchain. The collection is “essentially the cave painting of Web3 art,” according to Noah Davis, CryptoPunks’ new chief brand officer and former head of digital sales at Christie’s, in an interview with CNN. “We’re talking about the earliest successful and consistently successful community-based NFT project.”

Buyers receive an individual necklace – based on the respective CryptoPunk

In addition to their NFT, buyers will also receive a special necklace of CryptoPunk’s own NFT, according to Tiffany & Co. This is how the Tiffany designers create an individual pendant for each NFTiff purchased. The 87 attributes and 159 colors of the collection of 10,000 CryptoPunk NFTs must be reflected in tags, and these must be styled to be based on the buyer’s specific CryptoPunk. “Depending on which CryptoPunk owners purchase pendants, a minimum of 30 gemstones and/or diamonds are used on each piece to create the custom designs with the greatest fidelity to the original NFT art,” Tiffany & Co. states. on its website. The pendant will be in 18 carat rose or yellow gold based on NFT’s color palette.

The collection sold out in no time

Sales of the collection started on August 5. Each customer was allowed to purchase a maximum of three NFTiffs. These were offered for 30 ethers each – which equated to around $50,000 at the time of sale – and sold out in no time. “All 250 NFTiff sold out. See you next time Mint,” Tiffany & Co. said. on Twitter the same day.

Customers are expected to receive the customized NFTiff graphics in December of this year, with trailers not until early 2023.

The importance of virtual goods

CryptoPunks’ brand executive Noah Davis told CNN that the Tiffany trailers are just a reiteration of possible projects associated with the NFTs. “Owning an NFT means you own a record on the blockchain,” Davis said. “It’s an indelible record that can never be fraudulently altered, forged, duplicated or destroyed. It’s there forever. Owning an NFT is a really powerful thing for the digital age.” As CNN reports, the project also represents the increasing entanglement between luxury brands, cryptocurrencies and NFTs. Auction houses such as Christie’s and Sotheby’s have also sold NFTs for top prices and in May Gucci announced its plans to allow customers to pay with Bitcoin – with other cryptocurrencies to follow in the future.

“As we enter an era where the virtual world becomes more important and integrated into our lived experience, owning virtual goods becomes all the more valuable,” Davis said.

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