The blockchain meets gold chains as Tiffany & Co. partnered with CryptoPunks to launch NFTiffs. Unlike other non-fungible tokens, you can redeem a real Tiffany piece for each NFTiff. As a result, CryptoPunk NFTs increased sales by 248%.
The cryptocurrency trend has been spreading for many years, but this digital asset has limited use-cases. You may soon see other brands follow suit, including your favorites!
First, we will discuss how NFTiffs became a gold rush for CryptoPunks.Then, we will elaborate further on CryptoPunks as one of the earliest NFT projects. Later, you will see the other luxury brands that extended their gold links to the blockchain.
Tiffany & Co. entering the NFT world
On the first day of August 2022, Tiffany & Co. tweeted about taking “NFTs to the next level.” The Twitter post announced the CryptoPunks and Tiffany & Co. NFTiff project representing a collection of 250 digital passes.
CryptoPunk holders may buy and redeem them for a custom pendant and NFT art that resembles the jewelry. Tiffany & Co. assured that its artisans meticulously crafted each one with the following details:
- Gold – The pendant used 18k yellow or rose gold based on the NFT’s color palette.
- Stones – Each NFTiff had at least 30 stones. Also, they will have different shapes based on each CryptoPunk design.
- Enamel – Artisans will use enamel to represent the pixels of each NFT artwork.
- Chain – The pendant will attach to an 18k gold adjustable chain with square links inspired by the CryptoPunk pixels.
Tiffany & Co. stressed that it would not make customizations requested by clients. The fashion brand released only 250 NFTiff passes, and each client may only buy a maximum of three.
Clients can expect their blockchain jewelry to arrive in early 2023. They will receive the following items bundled with their delivery:
- Custom pendant on a chain
- Certificate of Authenticity
- Signature Tiffany & Co. packaging.
The presale launched on August 3, 2022, selling over 1,279 ETH or $2.16 million. At the time of writing, the NFTiff website was not offering new passes.
However, the homepage says it will release 250 more on August 5. Each NFTiff costs 30 ETH, and you may only purchase one from the official website.
You need a crypto wallet that lets you control your private keys. For example, the NFTiff site suggested MetaMask, Trust Wallet, and Coinbase Wallet.
You may want a physical wallet instead for additional security. Once you buy an NFTiff, you may only redeem it until August 12, 2022, at 9:00 EST.
Cryptopunks: One of the first NFT projects
Photo Credit: blockworks.co
Non-fungible tokens (NFT) are one of the most significant use-cases of cryptocurrency. The latter is a digital currency that works on a decentralized computer network called a blockchain.
An NFT records the ownership of physical and digital assets using a blockchain. As a result, a person may have a unique copy as other replicas will not have ties to a crypto network.
Nowadays, you can find numerous NFT collections, and many people have been buying them. The trend expanded thanks to early projects like CryptoPunks.
The NFT collection sprang from the brilliant minds of John Watkinson and Matt Hall. They created the Larva Labs company and launched the first 10,000 art pieces on June 9, 2017.
They hosted the collection on the Ethereum blockchain, so people need Ethereum coins or Ethers (ETH) to buy them. ETH wallet holders immediately bought 9,000 CryptoPunks upon their release.
Yet, the collection did not see a spike in demand for three years. In early 2021, digital artist Beeple sold his NFT artwork “Everyday: The First 5,000 Days” for $69,346,250.
The sale caught the attention of mainstream media, so more people wanted to buy NFTs. The CryptoPunks most likely rose in popularity due to Beeple’s work.
Who were the first buyers of the CryptoPunks collection? Believe it or not, Visa bought the first female punk for $150,000. However, that was not the most expensive piece.
The priciest CryptoPunk NFT of 2021 was worth $11.8 million in a Sotheby’s auction. On February 12, 2022, Deepak Thapliyal beat that record.
He is the CEO of blockchain firm Chain, and he purchased a CryptoPunk worth 8,000 ETH or $23.7 million. At the time of writing, it was the most expensive in the collection.
Other luxury brands in the NFT space
Photo Credit: crypto.news
Tiffany & Co. is not the only brand that adopted non-fungible tokens. For example, Gucci released one in May 2021, but it was not an artwork!
Gucci released a movie as an NFT inspired by its Aria collection. It was part of Christie’s Proof of Sovereignty sale curated by “Lady PheOnix.”
Creative director Alessandro Michelle and award-winning photographer Floria Sigismondi co-directed the film. It was a four-minute clip that sold for $25,000. Let us look at the other luxury brands that entered the world of NFTs:
- Prada – In January 2022, it partnered with Adidas Originals for the Adidas for Prada re-source project. It featured one-of-a-kind NFTs from artist Zach Lieberman.
- Balenciaga – The well-known fashion house honored its founder with an NFT collection. In July 2022, the brand released the Cristóbal Balenciaga: To The Moon project. The collection featured over 8,000 of the founder’s drawings from the 1950s.
- Ray-Ban – The famous sunglasses brand released the first pair of NFT aviators on October 21, 2021. It featured a man’s head sporting classic Ray-Ban lenses.
- Louis Vuitton – The handbag brand collaborated with Beeple to create its first NFT game, “Louis: The Game.” It came out on April 8, 2021, for the founder’s 200th birthday. You can download it on the App Store and Play Store for free.
Conclusion
The world of luxury and technology are merging thanks to non-fungible tokens. The latest collection from Tiffany & Co. boosted CryptoPunks sales by 248%.
More fashion brands like Gucci and Louis Vuitton are adopting NFTs. However, other industries and countries are following the digital trend. For example, the Philippines may soon become a global crypto hub.
It may transform your daily life soon, so you must be aware of the expanding digital transformation of the world. Fortunately, Inquirer can provide all the latest tech trends you need.
Frequently asked questions
How did Tiffany & Co. partner with CryptoPunks?
The fashion brand collaborated with the NFT collection to release NFTiffs. It allowed CryptoPunk owners to redeem physical jewelry that resembles art pieces.
What sets NFTiffs apart from other NFTs?
Most NFT collections only remained in the digital space. On the other hand, NFTiffs go beyond by providing collection holders with physical luxury items.
How did NFTiffs affect CryptoPunks NFT sales?
CryptoPunks sales grew by 248%, thanks to NFTiffs. It was a quick and significant increase as it developed within 24 hours of the collection launch.