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Tiffany's wants CryptoPunk holders to buy matching bling for $50,000 ETH
Buyers will receive digital and physical versions of Tiffany's CryptoPunk jewelry At current prices, the brand could earn more than $12 million in Ether if it sells all 250 pieces. Luxury jeweler Tiffany's wants to help CryptoPunk holders showcase their NFTs (non-fungible tokens) in the real world in exchange for $50,000 in Ether (ETH). The LVMH-owned brand on Sunday announced the sale of 250 custom diamond and gemstone pendants with chains, dubbed “NFTiffs.” They were created by designers at Tiffany & Co and cost 30 ETH ($51,000) each. NFTiff buyers receive both a digital...
Tiffany's wants CryptoPunk holders to buy matching bling for $50,000 ETH
- Käufer erhalten digitale und physische Versionen von Tiffanys CryptoPunk-Schmuck
- Zu aktuellen Preisen könnte die Marke mehr als 12 Millionen US-Dollar an Ether einbringen, wenn sie alle 250 Stück verkauft
Luxury jeweler Tiffany’s wants to help CryptoPunk holders showcase their NFTs (non-fungible tokens) in the real world in exchange for $50,000 in Ether (ETH).
The LVMH-owned brand on Sunday announced the sale of 250 custom diamond and gemstone pendants with chains called “NFTiffs.”
They were created by designers at Tiffany & Co and cost 30 ETH ($51,000) each. NFTiff buyers receive both a digital and physical version of the NFT counterparts.
Each CryptoPunk owner can purchase up to three NFTiffs. If Tiffany's manages to sell all of its limited edition pieces, it could fetch 7,500 ETH ($12.7 million).
Tiffany's NFT sale only lasts a week. It goes live on August 5th at 10:00 a.m. ET and ends on August 12th at 9:00 p.m. ET. Delivery is scheduled for early 2023.
Blockchain firm Chain, backed by investors including Pantera Capital, Capital One, Citigroup and Visa, has partnered with NFTiffs to facilitate the sale.
Chain CEO Deepak Thapliyal tweet The presentation of one of the pieces received a mix of positive and negative reactions from the crypto community, with some calling the followers overpriced.
Alexandre Arnault, vice president of Tiffany & Co, first hinted at the NFT series in April tweet, which showed off its CryptoPunk NFT as a rose gold and enamel pendant. Tiffany's trademark and CryptoPunk's NFT number were engraved on it.
30 ETH
pic.twitter.com/WHKb25quex
— Deepak.eth
(@dt_chain) July 31, 2022
Tiffany tested the Web3 waters before diving in
NFTiffs are the first NFT series offered by Tiffany’s, but the brand has been dabbling in the Web3 space all year.
Tiffany's announced entered the digital collectibles space with the purchase of Rocket Factory's Okapi NFT for 115 ETH ($361,000 then, $380,000 today) in late March. Since then, the jeweler has used the NFT as his Twitter profile picture.
And on April Fool's Day, it released a series of limited edition gold coins bearing the name TiffCoins, complete with a logo reminiscent of stablecoin Tether. Although Tiffany's has not issued any cryptocurrency - the company said it was a tribute to its "Tiffany Money" coins that could be used to purchase its goods in the 1970s.
A growing number of luxury brands have entered the NFT market, including Gucci, Louis Vuitton, Givenchy and Burberry.
And although trading volumes have plummeted, data has shown that falling crypto asset prices have still contributed to relatively healthy demand for NFTs as investors look for undervalued tokens.
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The post Tiffany’s Wants CryptoPunk Holders to Buy Matching Bling for $50K ETH is not financial advice.