What are Tiffany's custom CryptoPunk 'NFTiff' pendants?

American luxury jewellery brand Tiffany & Co. on Friday debuted and sold out a limited collection of 250 custom jewel-encrusted pendants for a price tag of $50,000 or 30 Ethereum each.

The pendants were on sale exclusively for holders of CryptoPunks, a popular early non-fungible token (NFT) collection that consists of 10,000 unique 8-bit-style characters stored on the Ethereum blockchain.

What is NFT?

Non-fungible tokens are digital assets which exist on a record of transactions kept on networked computers, or blockchains. The blockchain functions as a public ledger and allows any individual to verify the authenticity of the non-fungible token and who owns it. The tokens are non-fungible, meaning they cannot be exchanged for another identical asset of the same value.

People can buy NFTs with cryptocurrencies, dollars and fiat currencies. Just like cryptocurrencies, people can buy or sell NFTs on specialised platforms such as Mintable, OpenSea, Nifty Gateway and Rarible. The data of any transaction related to the token is recorded on the blockchain.

What are Tiffany’s NFTiffs?

According to CNBC TV18, the American luxury brand had announced on 31 July to launch “NFTiffs”, a collection of 250 digital passes that can be purchased and redeemed by CryptoPunks holders for the creation of a custom-designed pendant and an NFT digital artwork that resembles.

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

Each pendant is based on the 8-bit NFT character owned by the buyers. The pendant has at least 30 gemstones and/or diamonds to match the colours present in the pixelated avatar.

According to Tiffany, artisans will interpret each CryptoPunk into custom-designed pendants — converting the 87 attributes like a medical mask, a hat, or an earring and 159 colours that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel colour.

Tiffany & Co.’s EVP, Alexandre Arnault, showed off his custom pendant on Twitter that exactly matched his Crypto Punk Twitter profile picture.

When punks go wild at @TiffanyAndCo

#3167

Rose gold and enamel Cryptopunk.

Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.

LFG! pic.twitter.com/M2c8AmwU0R

— Alexandre Arnault (@alexarnault) April 7, 2022

While each NFTiff costs $50,000, buying a single CyberPunk is no cheap matter as the cost of a CryptoPunk NFT is close to $200,000.

Increasing participation of luxury brand in NFT

More and more luxury brands and auction houses are entering the world of NFTs and cryptocurrencies.

According to CNN, historic auction houses like Christie's and Sotheby's have sold NFTs for jaw-dropping prices. And in May, Gucci announced plans to allow customers to pay for purchases with Bitcoin and several other cryptocurrencies.

According to The Verge, last month, Chevy’s foray into NFT turned out to be a failure with zero bids, even when it was coming bundled with a free 2023 Corvette. Another luxury car brand, Alfa Romeo started including an NFT with its new Tonale SUVs.

With inputs from agencies

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.