ccording to the NFTiffs Frequently Asked Questions page, the NFTiff token sale will begin on August 5 at 9 a.m. (CST) and will only be available for purchasing NFTiff tokens through its website.
The handcrafted CryptoPunk pendants were confirmed on Twitter by the jewelry brand on July 31 and are priced at 30 ETH, which is equivalent to $50,600 at the time of writing.
Each CryptoPunk is limited to three NFTiff tokens that can be used to create a customized pendant. The pendants can be customized with 87 different attributes and 159 colors, and the pendant itself will be made of an 18-karat rose or yellow gold (based on the color palette of the NFT.
Tiffany & Co stands to make 7,500 ETH (currently $12.7 million) if all of the limited edition pendants sell out.
In April, Tiffany & Co vice president Alexandre Arnault, who owns CryptoPunk #3167, launched the campaign. Arnault revealed his new rose gold and enamel CryptoPunk in a tweet, complete with sapphire and Mozambique-colored glasses and a yellow diamond round earring.
The community responds
The cryptocurrency community on Twitter appears to be ecstatic about the luxury jewelry brand's new NFT offering.
Markfidelman, CMO of SmartBlocks Agency, described the NFT project on Twitter as an "incredibly tasteful activation," adding:
"More Web2 firms looking to dip their toes into Web3 should take note of the quality of this $NFTiff offering."
The jewelry company first dabbled in NFTs in March, when they paid $380,000 for an Okapi NFT by contemporary artist Tom Sachs. Tiffany & Co. has since made the rocket-styled NFT their Twitter profile picture.
Tiffany & Co. also released "TiffCoins" on April Fools' Day (April 1), a limited edition of 400 18-karat gold coins with the company logo individually engraved on each coin.
Luxury brands are no strangers to the crypto space, with many, including Gucci, Balenciaga, and FARFETCH, beginning to accept crypto as payment.
Louis Vuitton (LVMH), Cartier, and Prada collaborated last April to launch Aura, a consortium blockchain that will use NFTs to authenticate goods, track products and materials, and combat counterfeits.