NFT Drop By Tiffany & Co. Raises $12.5M After Instant Sellout
Tiffany & Co. has become the latest big brand to jump into the NFT world with a collection of limited edition Ethereum-based tokens and corresponding CryptoPunks-themed jewelry. Priced at 30 ETH, the 250 pieces sold out in around 20 minutes, bringing in more than $12.5 million.
First NFTs are dropped by Tiffany & Co.
Tiffany’s has made a lavish entrance into the NFT space.
The renowned luxury jewelry unveiled its first NFT collection today, a series of 250 digital passes called “NFTiffs” that were inspired by CryptoPunks. The cost of the NFTs was 30 ETH, or around $50,000 at the current exchange rate. Over $12.5 million was raised after the collection was completely sold out in about 20 minutes. The collection was introduced by Tiffany & Co. using Chain Protocol on the Ethereum blockchain.
CryptoPunk NFT owners can exchange their NFTiffs, which are digital passes, for a digital piece of art based on their original Punk. Luxury pendants featuring the same design will be worn in conjunction with each piece of digital art. The pendants themselves will be high-end accessories made of gold and valuable stones that have been specifically chosen to reflect each of the different features of CryptoPunks. They should arrive in early 2023.
While anyone (apart from those on a sanctioned list) could purchase an NFTiff, only holders of CryptoPunk are qualified to exchange them for digital art based on their Punk and an associated fine jewelry pendant. Redeeming wallets must have both an NFTiff and a CryptoPunk in order to base the new artwork on them. By August 12, NFTiffs must be redeemed.
Several well-known brands have been making steps to get a foothold in the NFT industry over the past year, despite the crypto market’s cooling conditions. In recent months, numerous luxury brands have jumped into Web3, with famous names being Gucci and Louis Vuitton. Tiffany & Co. is only one of them.
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