TechnologyAug 03, 2022
Tiffany Introduces CryptoPunk NFT PendantsTechnologyAug 09, 2022
Tiffany & Co.’s CryptoPunk Pendant NFTs Are Sold Out
There were only 250 made available, selling for more than $50,000.
The front and back view of a CryptoPunk pendant by Tiffany & Co. (Image courtesy of Tiffany & Co.)
New York—Tiffany & Co. introduced limited-edition CryptoPunk NFT pendants last week, and they’ve already sold out.
An NFT, or a non-fungible token, is a financial security comprised of digital data stored on a blockchain.
The jeweler’s NFT, called NFTiff, was made available exclusively to CryptoPunk holders.
CryptoPunks is an NFT digital art collection of 10,000 different pixelated punk rock characters on the Ethereum blockchain.
NFTiff holders are able to create an exclusive, custom pendant inspired by their own CryptoPunk character.
The 24x24 pixel art images, generated by an algorithm, were launched by Larva Labs in 2017 and were originally available for free to anyone with an Ethereum wallet.
After all 10,000 were claimed, many were then available for sale by their owners, with some selling for sky-high prices. The most expensive CryptoPunk sale was #5822, which sold for $23.7 million in February.
The average sale price of a character over the last year is 150 ETH, or about $268,000 as of press time, according to the CryptoPunk website.
Tiffany & Co. is known for its timeless, elegant pieces, so the funky style of the CryptoPunk characters gave one Twitter user pause.
Audrey Hepburn gets out of a taxi on Fifth Avenue and pulls a cup of coffee and a pastry out of a paper bag. She gazes through the window at Tiffany's and sees pic.twitter.com/P1n3w94caK
— Kim Bhasin (@KimBhasin) August 1, 2022
While critics may take a negative view of Tiffany’s latest venture, the idea resonated with CryptoPunk holders, who scooped up its NFT.
The pendants went on sale via Tiffany’s NFT website on Aug. 5, and quickly sold out.
There was a limit of three NFTiff passes available for purchase per individual.
The price was 30 ETH, which is the equivalent to about $53,000 as of press time.
We are sold out of all 250 NFTiff. Until the next mint. #NFTiff #TiffanyAndCo
— Tiffany & Co. (@TiffanyAndCo) August 5, 2022
Tiffany’s designers will craft the pendants using the 87 attributes and 159 colors that appear across the collection of CryptoPunk NFTs, matching them with the most similar gemstone or enamel color.
Each pendant will include at least 30 diamonds and/or colored gemstones, set in 18-karat rose or yellow gold on an 18- to 22-inch chain. The back will be engraved with the CryptoPunks edition number.
Holders will also receive a digital rendering of the pendant as an NFT and a certificate of authenticity.
The NFT delivery is scheduled for December while the physical pendant delivery is expected in February 2023.
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