Tiffany & Co. is giving a select group of CryptoPunks owners the option to transform their very own NFT into a pricey Web3 token that can be worn out and about in the real world utilizing enamel and valuable jewels.
A custom, one-of-a-kind pendant of their pixelated Punk will be available directly to 250 CryptoPunk holders through the launch of the luxury brand’s first NFT, or “NFTiff,” as it is known within the company. The NFT will be made available in the form of 250 digital assets, the company said on Monday.
At least 30 jewels will be set in each 18k rose or yellow gold necklace, which will cost 30 Ethereum, or presently $51,000 USD. Tiffany artisans will painstakingly match the colors of the gemstones to those of the Punk.
It’s interesting to note that the collection is not directly connected to the well-known NFT collection CryptoPunks or its parent firm, Larva Labs.
As Hypebeast notes, “It is made feasible by individual Punk owners using their intellectual property (IP) rights.” allowing for a rather innovative strategy as numerous companies, both luxury and others, aim to carve out a consumer base in Web3 bedrock.
The partnership, according to the press release, began when Alexandre Arnault, vice president of Tiffany & Co. and the son of LVMH chairman Bernard Arnault, uploaded his own custom Punk pendant earlier this year. It was accompanied by a pair of 3D glasses with sapphire and ruby lenses and yellow diamond stud earrings.
But since the 30-year-old brand was acquired by LVMH, it has merely been the most recent of several very 21st-century ventures. In his first year as Tiffany’s CEO, Alexandre launched a marketing campaign involving Jay-Z, Beyoncé, and a massive Basquiat artwork. He then worked with iconic skatewear company Supreme.
Arnault père, however, hinted at some apprehension early this year about the French giant dipping its toe into Web3 waters. During the company’s earnings call in January, Bernard Arnault reportedly remarked, “We have to see what will be the applications of the metaverse and NFTs.”