The Tiffany & Co. group was sold out. Limited NFT in a short time | 08/18/22

• Tiffany & Co. sells 250 products called “NFTiffs”
• CryptoPunks holders will receive NFT digital artwork and personalized necklace
• Digital passes sold out in a short time

On July 31, Tiffany & Co, which became part of French luxury goods group LVMH last year, announced the sale of a one-off limited edition NFT collection of 250 digital copies. Tiffany & Company explained in a tweet.

NFTiffs can be replaced by NFT and trinket

The so-called “NFTiffs” represent a collection of 250 digital passports offered by Tiffany & Co. which are minted upon purchase and used by CryptoPunks holders to create a custom necklace and NFT digital artwork that looks like the final jewelry design, and can be redeemed,” Tiffany & Co. said on its website. In order to be able to purchase an NFTiff and then redeem it for an NFT and custom necklace, customers had to be They already have a token from the NFT CryptoPunks pool, which is considered one of the first and hype-inducing NFT pools and is now used for prices that are trading in the millions.

Ads

Buying Bitcoin is very complicated and time consuming.
» Here you can easily buy and sell Bitcoin

CryptoPunks are 10,000 unique 8-bit NFTs that are stored on the Ethereum blockchain. The collection is essentially a cave painting for Web3 art, according to Noah Davis, CryptoPunks’ new head of brand and former head of digital sales at Christie’s, in an interview with CNN. “We are talking about the first successful and consistently successful community project NFT.”

Buyers receive an individual necklace – based on the respective CryptoPunk

In addition to their NFT, buyers will also get a special NFT contract for CryptoPunk, according to Tiffany & Co. This is how Tiffany designers create an individual necklace for each NFTiff purchased. The 87 themes and 159 colors in the set of 10,000 CryptoPunk NFTs must be reflected in the tags and will be designed based on the buyer’s CryptoPunk. “Depending on the CryptoPunk owners purchasing the pendants, a minimum of 30 gems and/or diamonds are used on each piece to create custom designs with utmost fidelity to the original NFT art,” states Tiffany & Co. on its website. The necklace will be in 18k rose or yellow gold based on the NFT color palette.

The set sold out soon

The sale of the collection began on the 5th of August. Each customer was allowed to purchase a maximum of three NFTiffs. They were offered for 30 ether each – which equates to about $50,000 at the time of sale – and they sold out within a short time. “All 250 NFTiffs sold out. See you next time,” Tiffany & Co. said on Twitter the same day.

Customers are expected to receive custom NFTiff drawings by December of this year, with trailers until early 2023.

The importance of virtual goods

Noah Davis, CryptoPunks’ brand CEO, told CNN that the Tiffany trailers are merely an iteration of potential projects linked to NFTs. “Having an NFT means that you have access to the blockchain,” Davis said. “It is an indelible record that can never be altered, falsified, copied or fraudulently destroyed. It is there forever. Having an NFT is a really powerful thing for the digital age.” As reported by CNN, the project also represents the growing entanglement between luxury brands, cryptocurrency, and NFT. Auction houses such as Christie’s and Sotheby’s also sold NFTs at the highest prices, and in May Gucci announced plans to allow customers to pay with Bitcoin — with other cryptocurrencies to follow.

“As we move into an era where the virtual world becomes more important and an integral part of our living experience, owning virtual goods becomes more and more valuable,” Davis said.

Editorial office finanzen.ch

Leave a Comment