Tiffany & Co. – Luxury Brand Enters NFT Market

Tiffany announced yesterday that it will be launching its first NFT. The luxury brand has set itself the goal of taking NFTs to a new level. Soon, all CryptoPunks holders will be able to turn their CryptoPunk NFT into a custom necklace handcrafted by the employees of Tiffany & Co. In addition, buyers will receive an NFT version of the trailer.

What is NFTiff?

The NFTiffs represent a group of 250 NFTs offered by Tiffany. When a buyer purchases an NFT, he can exchange it for a specially designed CryptoPunk necklace. The necklace is designed and made by the artisans of Tiffany & Co. The composition of the material looks like this:

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The necklace will be in 18k rose or yellow gold based on the NFT color palette. Rose and yellow gold perfectly complement the base color of each point type. The light primary and exotic background colors will be made from 18R, and the two dark primary colors will be made from 18Y.

Each follower will have at least 30 stones. The stones may contain precious stones and/or diamonds. The carat weight of each piece varies depending on the attribute.
Most designs have beaded diamonds and/or round cut gemstones. Select custom pendants featuring luxurious stone shapes. For example, Tiffany designers will use baguette stones to create 3D glasses.
CryptoPunk colors are represented as accurately as possible using the natural colors of various gemstones.

The necklace also includes an 18 karat gold adjustable chain inspired by the square pixel shape. The shackle (which attaches the device to the necklace) allows smooth movement of the necklace and is defined by five pavé diamonds.

A maximum of 250 NFTiffs will be sold, and the maximum order quantity is 3. Tiffany NFTs in conjunction with the necklace cost 30 ether. At the current Ethereum price of $1,650, this corresponds to about $50,000. Sales start August 5th.

This is what a CryptoPunk trailer could look like later

Criticism – Is Tiffany abusing the NFT as a marketing tool?

Even before the release of NFT, the criticism on social media was enormous. Above all, the asking price of $50,000 stands out here. So Twitter user “Greg” tweeted if he didn’t mean $30 instead of the required 30 Eth.