The reaction of members of the crypto community and supporters of Ethereum (ETH) has been mixed after the jewelry company Tiffany & Co introduced a series of gold and gem-encrusted pendants dedicated to the NFT CryptoPunks.
Source: screenshot, Twitter/@TiffanyAndCo
In a post on its website, the firm said it plans to create NFTiffs, a collection of 250 digital passes that can be “minted for purchase and redeemed by CryptoPunks holders to create a personalized pendant and digital NFT image reminiscent of the final one.” jewelry design.
The company added that its pendants will be “designed and made by Tiffany artisans” but will be “inspired” by the owners of CryptoPunk’s own punk NFT.
Unsurprisingly, the marketing strategy developed by Tiffany for NFTs focuses on scarcity, which appears to be a key selling point. The company clarified that the 250 NFTiff passes will be available exclusively to CryptoPunk holders. No client is allowed to purchase more than three NFTiffs. Buyers will need to buy their NFTiffs on the Ethereum blockchain. These tokens can then be exchanged for physical pendants.
Each pendant is priced at 30 ETH ($50,700) and retail shipments are expected to begin on August 5. Tiffany’s sales should be around $12 million if 250 NFTs find buyers. But he can also make a profit later in the resale market, since sales in the secondary market will also earn him royalties.
Tiffany added that its designers will “interpret each CryptoPunk” into a personalized pendant, “transforming the 87 attributes and 159 colors that appear in a collection of 10,000 CryptoPunk NFTs into the most similar gemstone or enamel color.”
Buyers will have to redeem their NFTs by August 12th, with actual renders ready in October.
The jewelry company partnered with Web3 cloud infrastructure provider and Chain blockchain for the move, which Kevin Rose, founder of Moonbirds, called bold:
“Even if it’s out of your budget, this is a huge win for the NFT. It is one of the largest luxury goods and jewelry brands in the world. This is a big deal that is generating new interest on both sides of the barricades.”
But not everyone shares his optimism: @0xAllen_ believes that crypto users “don’t need Tiffany to perpetuate” their CryptoPunk NFTs because “that’s what Ethereum is for.”
“I find that the flexible decorations they make add no extra value compared to, for example, an avatar on my smartwatch. [C’est] also much safer.”
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