Jewelry giant Tiffany & Co will sell CryptoPunk NFT pendants for Ethereum

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Source: A screenshot, Twitter/@TiffanyAndCo

Members of the Crypto Community and Ethereum (ETH) Advocates Donated Tiffany and company a mixed reaction after the luxury jeweler unveiled a range of CryptoPunks NFT-themed gold and gemstone-encrusted pendants.

In a publication on its website, the firm said that he planned to create what he calls NFTiffs, describing the products as “a collection of 250 digital passes” that can be “minted when purchased and redeemed by CryptoPunks holders for the creation of a custom designed pendant and an NFT digital artwork that resembles the final jewelry design.

The company added that its pendants would be “designed and crafted by Tiffany artisans,” but would be “inspired by” the owners of CryptoPunk’s own NFT punk.

In typical NFT and Tiffany style, rarity seems to be the main selling point. The company explained that “only 250 NFTiff passes” would be made available “exclusively to CryptoPunk holders.” No customer is allowed to purchase more than three NFTiffs. Buyers will need to purchase their NFTs on the Ethereum blockchain. These tokens would then be exchangeable for physical pendants.

The company will charge 30 ETH ($50,700) for each pendant and aims to start retailing the items on August 5. But it could also make a profit at a later date in the resale market, as sales in the secondary market will also bring royalties to the business.

Tiffany added that its designers would “interpret each CryptoPunk” into a custom-designed pendant, “converting the 87 attributes and 159 colors that appear in the collection of 10,000 CryptoPunk NFTs into the most similar gemstone or enamel color.” .

Buyers will have until August 12 to redeem their NFTs – with real-world “renders” ready by October.

The jewelry company has partnered with cloud infrastructure provider Web3 and blockchain Chain for his move – that Kevin Rose, the founder of Lunar birdscalled “fat”.

Pink wroteon Twitter:

“Even if it’s outside your price range, it’s a huge win for NFT. It’s one of the biggest luxury/jewelry brands in the world. new interest on both sides of the fence.

But not everyone shared his optimism: @0xAllen_ opined that crypto users “don’t need Tiffany to immortalize” their CryptoPunk NFTs because “that’s what Ethereum is for.”

He added:

“I don’t find any additional value in the flexible jewelry they make, such as wearing an avatar on my smartwatch. [It is] much safer too.

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