On 31 July luxury jewelry brand, Tiffany & Co. announced its first NFT collection—NFTiff, targeting CryptoPunk holders. Essentially, the NFTs will allow holders to claim a diamond and gemstone encrusted pendant. Priced at a whopping 30 ETH each (about $50,000 at the time of writing), there is a total of 250 NFTs in the collection.
The pendant will be made in 18k rose or yellow gold, with at least 30 stones, including gemstones and/or diamonds. Actually, the brand will convert 87 attributes and 159 colors on the Punks to the most similar gemstone or enamel color.
Anyone who holds a CryptoPunk and is above 18 years of age is eligible to mint a maximum of three NFTiffs. The sale will start at 10:00 AM EST on August 5, with each NFT costing 30 ETH. Users can mint the NFT on the NFTiff website. Once minted, collectors will have until 9:00 PM EST on August 12, 2022, to redeem their NFTiff. For this too, they will have to go to the official website and follow the instructions.
The NFT announcement from Tiffany & Co. received mixed reactions from the NFT Twitter community. Popular NFT influencer, Zeneca was one of those who praised the initiative.
On the other hand, Satvik Sethi called the move a “corporate cash grab”. They added, “If Tiffany & Co. wanted to use NFTs/Blockchain, they could’ve integrated the technology in their supply chain to authenticate products, they could sell NFT gated physical experiences for physical buyers…”
She is a writer based in the India. She loves to write about the things that spark her interest like tech, art, blockchain, metaverse and NFTs.