NFTs have come a long way from obscure tokens for people to collect online. People can now use their favorite collectibles as profile photos, playable assets, digital backgrounds on smartwatches, and even accessories. That’s right: NFTs are the newest way to add a bit of sparkle to your daily ensemble.
It may seem like an unlikely venture, but iconic jewelry creators Tiffany & Co. have joined forces with the equally iconic blue chip NFT collection, CryptoPunks, to bring you custom-made, handcrafted, diamond-encrusted pendants.
Here is what we know so far!
A New Line of CryptoPunks with a Tiffany Twist
The collaboration between Tiffany and Co. and CryptoPunks is not about bringing in new NFTs but upgrading those that already exist. A total of 250 digital passes will become available online this week- exclusively to people who are current owners of a CryptoPunk NFT. Purchasing one of these passes entitles the buyer to their very own bespoke pendant, crafted by the master artisans at Tiffany and Co. to depict their treasured Punk. The project is nicknamed NFTiff.
Right now, there are 10,000 CryptoPunk NFTs in circulation on the Ethereum blockchain- any one of which could soon find itself glistening in full gemstone glory. Because of the limited number of passes, each individual buyer is restricted to a maximum of three pass purchases.
About the Pieces
According to Tiffany & Co. representatives, once the passes are purchased- and the CryptoPunk is identified- a one-of-a-kind pendant that closely resembles the features and attributes of that specific token is to be created. Each one will be made on enamel and gemstone- including around 30 individual diamonds and gems to get the details just right.
Because every CryptoPunk is unique, production cannot begin until the buyer confirms what exact pixelated Punk they want to immortalize in their Tiffany pendant. There are 159 possible colors and 87 attributes across the CryptoPunk collection- in 10,000 combinations, so the finished product may not be ready until 2023.
That said, Tiffany & Co. says the buyers should all receive a rendered model of what their pendant will look like by October this year. Additionally, a digital version of the sparkly CryptoPunk is given to the buyer as soon as the design is finalized and confirmed.
How much does a Tiffany & Co. bespoke CryptoPunk-inspired one-of-a-kind handmade pendant cost? The answer is as eyewatering as you may expect. Each digital pass is for sale at 30 ETH, which equates to around $50,000 apiece. Included in the price are the production, creation, shipping, and handling of the exclusive luxury NFTiff pendants.
The Reaction So Far
Like any high-ticket luxury brand that announces affiliation with NFT projects, Tiffany & Co. has received mixed feedback from fans and followers. Such an iconic brand getting on board with the NFT movement is undoubtedly a massive win for the industry in a turbulent time, and those who are passionate about it are loving the news.
It is also an interesting new path for designer/NFT collaborations, choosing to focus on creating something based on NFTs people own rather than introducing more new editions. Existing CryptoPunk collectors are sure to enjoy the opportunity to have something so rare and exclusive.
On the other hand, some people believe Tiffany & Co. is cheapening itself by jumping on a bandwagon that has been dubbed a desperate attempt to stay modern. Considering the company is worth around $5.5 billion and generate revenue well in excess of $4 billion every year, we don’t think relevance is a major concern.
Whatever side of the crypto coin you land on, there is no denying that there is something magnetically excessive about this collaboration, and even for those of us whose bank accounts tremble at the thought, we can’t help but long for a glimpse of the finished pendants!
The 250 digital passes will go on sale this week at the price of 30 ETH exclusively for verified CryptoPunk owners. It is a bold move by Tiffany & Co. and an exciting next step for the CryptoPunk community, and we look forward to seeing the final creations.