The luxury brand Tiffany & Co has recently announced that it will be launching its NFT collection, NFTiff, which will be exclusively available to CryptoPunk owners.
The NFT collection by the luxury brand will include 250 digital assets that will grant its holders access to a one-of-one example of their Punk NFT in the form of a bespoke pendant. The NFT collection will go live on August 5th and will be priced at 30 Ethereum, which currently amounts to around $51,000 USD.
This initiative and NFT collection are led by Alexandre Arnault, the recently appointed vice president of product and communications and also the former president of Rimowa. Apart from the NFT collection, Alexandre has brought several partnerships to the American jewellery company with some renowned personalities such as Beyonce, Jay-Z, Hailey Beiber and Supreme.
About the NFTiff
Tiffany & Co started developing NFTs in April this year and since then a new physical example became viral on Twitter, as Deepak Thapllyal, the CEO of Chain, a blockchain infrastructure company powering the launch of NFTiff.
Another interesting thing about the NFT collection is that the parent company of CryptoPunks, Larva Labs, is not directly involved with the release of the NFTs. The NFT owners used their IP rights to make this collection possible. In the minting contract, 50 of the 350 supply of NFTiffs will be reserved for an allowlist while the remaining will be made available using public mint exclusively to Punk holders.
Each of the NFTiff is made from no less than 30 gemstones or diamonds including Sapphires, Amethyst and Spinel. Moreover, the pendants will be made from an 18k rose or yellow gold base with a Punk serial number and Tiffany logo engraved on the backside.
However, the audience has shown a controversial interest in the collection because of the high price of 30 ETH. However, some people believe that as it is an exclusive collection for Punk holders, with precious material, the NFT collection will cater to a particular niche of collectors.