Though the market has remained bearish as the investments have decreased, there has been a rush from luxury brands towards investments. Various names have joined the club and have plans to expand their presence further. Tiffany & Co. is the latest addition to the luxury brands that have decided to go for the sale of digital assets. According to the available information, it will sell limited edition NFT-backed pendants to interested customers.
Various known brands have gone for NFTs along with their usual services. Leading names in sports have gone for e-tickets that are NFT-backed. While restaurants, luxury products companies have also been in the competition for a while. It has brought opportunities for NFT developers and investors.
Here is a brief overview of the decision that Tiffany & Co. took and how it will bring innovation to the market.
The race for NFTs
The marketing team of Tiffany & Co. was aware of the ongoing developments in the market. The increasing investments in digital assets and their benefits brought them to consider their own version of NFTs. The first clue came in the form of a picture from Alexandre Arnault, the executive vice president of Tiffany & Co. He had reimagined the physical form of his CryptoPunk NFT. It was in the form of rose gold and enamel jewelry.
The mentioned tweet attracted a huge number of interested followers. The subsequent tweets showed the production process of the picture he had posted. There were speculations about the collaboration and possible products coming soon. It continued till April, when he posted a poll about whether Tiffany & Co. should make pendants for CryptoPunk users. The response was overwhelming, and more than 80% of the participants responded in affirmative.
As the response was positive, Tiffany & Co. announced the launch of NFT-backed pendants on 31 July. These pendants have been named NfTiff. 250 non-fungible tokens will back these pendants. The maximum number of NfTiffs a customer will be able to acquire is three.
Announcement of NFT-backed pendants from Tiffany & Co.
According to the announcement from Tiffany & Co., the pendants will be custom designed and will be available for 30 ETH. The experts at Tiffany & Co. will convert 87 attributes and 159 colors to a range of NFTs. While the number of 10,000 NFTs will be the same as the pendant colors. The company said in its blog that each piece would have at least 30 gemstones or diamonds. While the custom designs of the pendants will have high fidelity to the original NFT art. While the gemstones include Amethyst, Sapphire, Spinel, and some others. The expensive price of the NFT-backed pendants led to a lengthy discussion on Twitter.
Users said that the price is too high when 30 ETH is converted to USD. So, if they sell 250 NFTs for 30 ETH each, it will make $11 million. While some artists criticized the market for showing too much inclination toward big brands. A user said that s/he had announced a similar plan but was laughed off. Now, Tiffany & Co. has the same plan attracting considerable attention.
Tiffany & Co. has warned the users of possible scams and asked them to use their official website for purchases. While they also said that the customer should ensure that they are interacting with the official contract so that they aren’t defrauded of money.
Luxury jewelry brand Tiffany & Co. has announced the sale of NFT-backed pendants. These will be available on CryptoPunk, and the customers can get a customized pendant. These will be designed to keep the NFT fidelity in view. The customers can purchase one for themselves using 30 ETH.