A staple of American luxury, digitized. Tiffany & Co. is launching a collection of 250 non-fungible tokens (NFTs), each valued at 30 ethereum – or $50,000.
The collection is called NFTiffs and will be exclusively available to the holders of CryptoPunks, an already limited selection of NFTs stored on the ethereum blockchain. Tiffany & Co. says it will transform 250 of the 10,000 existing CryptoPunk tokens into bespoke pendants and ship them to buyers next year.
Launched in 2017, CryptoPunks are credited for inspiring a crypto art movement. Tiffany & Co. promises to take the experience to the “next level”. It will use at least 30 gemstones for each pendant, including diamonds where fitting, to create custom designs that resemble the original CryptoPunk art as closely as possible.
With each CryptoPunk token unique, no pendant is expected to be alike either. Buyers will also receive an additional NFT version of their piece of jewelry but will not have the ability to participate in the design process. One customer will be allowed to purchase no more than three NFTiffs.
In its attempt to marry the tangible and the non-fungible, Tiffany & Co. is entering the NFT scene despite a crypto slump and general angst in anticipation of a recession. Digital worlds continue to intrigue the fashion industry, with US supermodel Bella Hadid among the latest to launch her NFT collection last week.
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