No, you haven’t gotten punked.
Tiffany & Co. will now turn CryptoPunk non-fungible tokens (NFTs) into custom pendants — to the tune of $50,000.
The jewelry company announced its latest NFT endeavor — dubbed NFTiff — on Sunday when they also revealed customers could transform their CryptoPunk NFTs into their very own “bespoke pendant handcrafted by Tiffany & Co artisans.”
Launching in three days, NFTiff is a “collection of 250 digital passes,” according to the company’s new website specifically designed for the project. Customers are limited to purchasing three pendants as the maximum number is 250.
These pieces are available only to CryptoPunk NFT holders. There are 10,000 of them on the Ethereum blockchain. Each 24×24 “pixel art image” is generated algorithmically, according to the founders at Larva Labs.
A gem-encrusted pendant from Tiffany & Co. will cost 30 ETH, or nearly $50,000, which includes the creation of the piece as well as the shipping and handling.
Each pendant will be made of enamel and gemstones that closely match the 87 attributes and 159 colours found in CryptoPunk NFTs. Depending on who purchases the pendant and which NFT they own, Tiffany & Co. designers will use some 30 gemstones and/or diamonds to craft the custom pendant, producing a render for the customer by October.
But clients may have to wait until 2023 to receive the physical pendant, the site says, but the digital copy will be available as soon as it’s finished.
As for the announcement on Twitter, some users seemed thrilled at the prospect of the major luxury jewelry brand cashing in on the NFT fad, while others weren’t too keen on the trendy tokens.
“This is a bold move for @TiffanyAndCo, and even if it’s outside of your price range, it’s a huge win for NFTs. This is one of the top luxury/jewelry brands in the world…it’s a big deal and brings in new interest on both sides of the fence,” tweeted one crypto enthusiast.
“This is the coolest thing ever,” another user gushed.
“Dear God, now these people are gonna signal to this as a sign of how ‘real’ and ‘important’ NFTs are, as if this isn’t just a sucker money grab,” chided one critic.
“PSA guys… If you’re getting your girl something nice in a blue box for the first time & this is what’s inside, it’s probably not going to go over as well as you hope,” quipped someone else.
While Tiffany & Co. might be the latest major brand in the NFT sphere, they aren’t alone. Coca-Cola, Adidas and Mac Cosmetics are amongst the major labels cashing in on the crypto craze — yet really only appealing to those who can afford it.
Justin Bieber bought a Bored Ape NFT earlier, for $1.29million. Other A-listers created their tokens for more money. Madonna’s full-frontal NFTs — which sold for more than $100,000 each — and a token of EDM musician Diplo are the latest celebrity NFT collectors have fought over.
Along with the crypto popularity — which boomed as people grew bored with their stimulus check cash — came the rise of NFTs into the mainstream, but the niche, somewhat lucrative passion project for many turned sour this year, as the volatile crypto market faltered.
In June, Bored Apes’ “price floor,” or lowest asking price for any of the collection’s NFTs, dropped below $100,000 — and remains that way — a stark contrast to April, which rang in at $400,000.
The crash happens as crypto value plummeted this Summer, prompting experts question the uncertain future for cryptocurrency and NFTs.
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