On July 31, Tiffany & Co. announced that its NFT, called “NFTiff,” will be available only to people who own CryptoPunk. The collection is made up of 250 digital assets, each of which gives the owner access to a one-of-a-kind Punk pendant. When they go on sale on August 5, each pendant will cost 30 Ethereum, which is about $51,000 USD.

Alexandre Arnault, the new executive vice president of products and communications at Tiffany and the former president of Rimowa, is in charge of the NFTiff project. Just one year after being hired, the 29-year-old executive brought together Beyoncé, Jay-Z, Hailey Bieber, and Supreme to work with the 185-year-old jewelry company in America.

Early in April, work began on the Tiffany Punk pendants and the first ones were made. Since then, Deepak Thapliyal, CEO of the blockchain infrastructure company Chain, which is powering the launch of NFTiff, posted another physical example on Twitter.

The community is interested in the fact that CryptoPunks and its parent company, Larva Labs, are not directly involved with the release. Instead, individual Punk owners are using their intellectual property (IP) rights to make the release possible.

According to what was found in the minting contract, 50 of the 250 NFTiffs will be set aside for an allowlist, while the other 200 will be made available to Punk holders in some other way, like through a public mint. All people who are interested will have to prove who they are through KYC, and they will only be able to buy a maximum of three NFTs.

Each of the 250 pendants is said to be made with at least 30 diamonds or gems, such as Sapphires, Amethysts, and Spinels, but not just those. On the back of each pendant, the unique Punk serial number and the Tiffany logo will be engraved in 18k rose or yellow gold. Lastly, collectors will get an NFT render of their pendant to go with it.

The general public seemed to think that 30 ETH was a very high price, but the product will only be available to a very small number of the 10,000 CryptoPunk holders, which is already a very small group. CryptoPunk is an NFT that has a floor price of over $100,000 USD.

Even though the NFTiff is mostly a collectible, it is called a “pass” at the end of Tiffany’s FAQ page. This means that the digital asset may give special access to future offerings in the future.

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