Tiffany & Company is about to launch NFTiff: a brilliant, on-brand program designed to sell both physical and digital collectibles that accessorize CryptoPunks, one of the most successful early NFT properties.
You may read that Tiffany’s is selling NFTs for 30 ETH (approx. $50,000 as of this writing). No; they are selling a custom-made, Tiffany-branded, physical pendant of your CryptoPunk and a digital twin for 30 ETH. As always, the NFT is your receipt. It proves you own the pendant and its digital twin. Importantly, you must already own a CryptoPunk to qualify to purchase one of the 250 limited edition NFTiffs.
O.G. NFT collectors have gone super negative about the 30 ETH cost of an NFTiff; they should read the fine print. CryptoPunks are currently selling for $125,000 and up (if you can find one for sale). You have to own a CryptoPunk before you can purchase an NFTiff. There is nothing about the 30 ETH price that should surprise anyone. Tiffany & Co. is a luxury brand, and they cater to people who have the resources to pay the prices they charge.
This is a bold and beautiful experiment. Will CryptoPunk owners want to accessorize their CryptoPunks with Tiffany & Co. jewelry? Is there a market for $50,000 Tiffany bejeweled and signature turquoise-boxed pendants and their digital twins? Will the limited supply (250) create scarcity commensurate with the cost? Will owning a NFTiff increase the value of an already valuable CryptoPunk? Alternatively, will an out-of-O.G.-crypto-culture NFTiff detract from the value of the original? So many questions with only one way to answer them all: lead! Congrats to Tiffany & Co. for a big, audacious, outstanding, on-brand, wow-this-is-cool, head-first jump into the Web3 collectibles space.
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.