Tiffany to Launch Pendants based on CryptoPunk NFTs
Tiffany & Co. will transform non-fungible tokens (NFTs) into personalized pendants, joining other high-end fashion houses in their efforts to gain a strategic advantage in the web3 domain. The agreement has been finalized only with CryptoPunk, and holders of these NFTs will be able to convert them into personalized pendants comprising gems and diamonds.
As per Tiffany & Co., there are only 250 tokens available. The luxury jewelry firm told that CyrptoPunk owners would be required to purchase one among 250 NFTiff passes offered by the Chain in order to get a pendant created based on the NFT.
According to the company, sales of the NFTiff will commence on August 5, 2022, for eligible customers. A single NFTiff costs 30 ETH. It encompasses the NFT, custom pendant and chain. Shipping and handling charges are also included.
With respect to design, Tiffany stated that designers would utilize 87 characteristics and 159 hues. They will be distributed throughout the series of 10,000 CryptoPunk NFTs and will match gemstone or enamel hues.
Each pendant will feature at least 30 gemstones and diamonds, engraved with CryptoPunk’s limited edition count. In addition to the physical item, the buyers will receive a digital representation of the pendant and also a certificate proving its originality.
Back in April, the company’s vice president Alexandre Arnault transformed his CryptoPunk #3167 into a pendant. After that incident, the aforesaid initiative was announced.