Tiffany's NFTiffs, Creating Luxury Pendants of CryptoPunks, Sell Out in 20 Minutes
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Tiffany's NFTiffs, Creating Luxury Pendants of CryptoPunks, Sell Out in 20 Minutes

1 month ago

Each pendant is set to boast at least 30 gemstones or diamonds — converting the 87 attributes and 159 colors in this collection "to the most similar gemstone or enamel color."

Tiffany's NFTiffs, Creating Luxury Pendants of CryptoPunks, Sell Out in 20 Minutes

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Tiffany's "NFTiffs" — digital passes that entitle collectors to a bejeweled, physical pendant of their CryptoPunk — have enjoyed exceedingly healthy demand.

A total of 250 digital passes were made available, with each costing 30 ETH. And according to Tiffany & Co. it took just 20 minutes for them to sell out.

But suggesting that more NFTiffs may be on the horizon, the high-end jewelry company added:

"Until the next mint."

Given how 30 ETH is worth $1,700 at current market rates, all of this means Tiffany's generated $12.8 million in revenue from the sale.

But of course, this won't translate into pure profit. Lucky bidders will receive a render of their pendant by October, and they're set to receive the finished product early next year.

Each pendant is set to boast at least 30 gemstones or diamonds — with careful work performed to convert the 87 attributes and 159 colors in this collection "to the most similar gemstone or enamel color."

Money to Burn… Still

All of this shows that, despite the current bear market, crypto enthusiasts still have money to spend — and there are still opportunities for high-end brands to embrace digital assets.

This month, Gucci is set to roll out support for crypto payments at all of its directly-operated stores in the U.S. — accepting a range of coins including Bitcoin, Ether, SHIBA INU and ApeCoin.

Indeed, data from CryptoSlam! suggests the partnership has reignited interest in CryptoPunks. Sales have hit $9.4 million over the past seven days — a 150% increase compared with the week before.

That makes this collection, one of the oldest in the NFT space, a top performer this week. It's been a mixed bag across other major projects too, with Bored Ape Yacht Club seeing demand shrink by 52% since this time last week.

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