Tiffany & Co To Launch NFT Collection You Probably Can’t Buy

Tiffany & Co announced on Sunday, July 31st, that it’ll be launching its first NFT collection - dubbed "NFTiff" [How long did that take to come up with?]. The limited edition drop will feature 250 digital assets that provide owners access to a one-off example of their PFP in the form of a custom pendant.


Priced at 30 ETH or $51,000, the pendants are exclusive to CryptoPunk holders and will go live on August 5th.


#1 - Tiffany & Co Entering Web3 With a Bang


#2 - The Punk is in the Details


#3 - Who’s Buying a 30ETH NFT?


#4 - NFTs For Only The Top 1%

 

Tiffany & Co Entering Web3 With a Bang

Tiffany & Co, or just Tiffany's, is a luxury jewelry brand founded in 1837 - Today, the company operates more than 326 stores worldwide, with net sales of 4.4 billion dollars in 2019 alone.


The company is known globally for its luxury goods, including diamonds, watches, fine art, and more.


Tiffany's is the latest web2 fashion brand to launch an NFT collection, and it's doing so in a grand style. The NFTiff collection is spearheaded by Alexandre Arnault, a seasoned industry veteran who most recently served as President of Rimowa.


In just one year as executive vice president of product and communications at Tiffany's, Arnault has already successfully managed collaborations and partnerships with artists such as Beyoncé, Jay Z, Supreme, and Hailey Bieber. Now, he is leading the charge to bring blockchain technology to the world of fine art. Based on his track record, would you really bet against him?

 

The Punk is in the Details

Early in April'22, Tiffany Punk pendants began to take shape, with the first samples appearing on Arnault's Twitter page. More recently, Deepak Thapliyal, CEO of Chain (a blockchain infrastructure company powering the collection), tweeted a photo of a final piece.


Each 18k yellow or rose gold base pendant is said to be fitted with no less than 30 diamonds or gemstones, including but not limited to Amethyst, Sapphires, and Spinel. Furthermore, each pendant will carry Tiffany's logo and the Punk's unique serial number on the reverse. Also, holders will get a digital version of their customized pendants as an NFT.


What's more? Tiffany's referred to the NFTiff as a "pass" in their page's FAQ section. This means that the NFTs may grant holders access to certain privileges in the future. It could be early access to future drops or even VIP treatment from the brand. But so far, there's no official word on what these perks might entail.

 

Who’s Buying a 30ETH NFT?

Tiffany & Co might not be the first luxury brand to launch an NFT collection, but they're surely the first to put a hefty price tag on them at mint. Priced at 30Ether a pop, NFTiff is amongst most expensive NFT mint to date.


The industry is no stranger to NFT collections selling for outrageous prices on the secondary market, but definitely not this high for a mint. On average, most creators peg their mint price at 0.1 ETH. In fact, the CryptoPunks collection, which they're customizing, was a free mint at launch back in June 2017.


So, it didn't come as a surprise when the announcement was met with mixed reactions. Some were excited about the prospect of owning something so rare, while others questioned whether the price was justified.

"I have no beef with Tiffany selling 250 Cryptopunk pendants/NFTs for 30 ETH. I won’t be buying one, but it’s a luxury brand and anybody spending that amount of money knows what they’re getting. People love to flex and you can’t put a price on that." --@GinoTheGhost
"mfers will spend 30 ETH on an NFTiff and still not pay for guac at chipotle"--@jumpmanft
"Am I the only one that sees no issue with Tiffany & Co asking 30 ETH for something that’s a limited supply of 250? What did y’all expect from a luxury jewelry brand?"--@DrifterShoots
 

NFTs For Only The Top 1%

The move by Tiffany's is daring, especially when the crypto market isn't performing at its best. But for a luxury brand with a reputation for quality, we can't expect anything less.


Tiffany's main target isn't the typical NFT trader. For one, the collection is limited to only holders of CryptoPunks, a super exclusive NFT community. Besides being the first 10k collection, you can't buy a Punk for anything below six figures.


So we can say they’ve got their eyes on the most sophisticated NFT collectors—the top 1% of the industry.


Will the NFTs sell out fast? Or will they remain unsold? We'll have to wait until August 5th to find out.

 

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