Tiffany & Co a luxury brand, wants to lift its position in the NFT arena. It is a jewelry brand that said it would sell 250 pendants, which contain diamonds and gemstones of CryptoPunks NFT pieces. In addition, the market will see the pendants hand-carved where ETH 30 is the price of every item, and the value is adjacent to $50,600 (roughly Rs. 40 lakh).
Tiffany calls it “NFTiff.” As soon as the pendant is complete, it will be sent to the owner. CryptoPunks came on the market in 2017, and it is a famous NFT collection Larva Labs made on the Ethereum blockchain.
Digital collectibles are 10,000 avatars of art characters appearing as humans and animals. Each item is unique and different from one another. CoinGecko thinks that the cost of a CryptoPunks floor today is $119,344.53. 9,999 NFTs are minted in total as of Monday, August 1. According to the reports, it has experienced a market cap of $1,193,325,944.73, which is Rs. 9,446 crores.
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What did the Tiffany & Co blog say?
Tiffany & Co has published a blog post that informed the market about NFTiff. The blog said that NFTiffs comes with plenty of 250 digital passes that Tiffany & Co. provides. These will be minted while CryptoPunks holders buy and redeem them to generate a custom-designed pendant and an NFT digital artwork appearing as the final jewelry design. It is the Tiffany & Co. artisans who will design and craft the pendant. In this regard, the Cryptopunk owner’s Punk NFT gave the inspiration. As per the details, the holders can have 250 NFTiff passes only to choose from, where every customer can buy 3 NFTiffs maximum.
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Every NFTiff piece will contain up to 30 gemstones like diamonds, sapphires, amethyst, and spinel for the physical remake of the custom design. The pendant will consist of 18-Karat rose or yellow gold metal.
As per Tiffany, the delivery is expected to be done in early 2023. However, digital NFTiff is allowed to see after completing the final rendering as 1 of 1 NFT.
If you are one of the users, you need to select to redeem the NFT for the Tiffany & Co pendant. Hence, the company’s artisans will design and handcraft the pendant getting the design cues from the Cryptopunk owner’s Punk NFT.
Tiffany & Co said that designers could interpret every CryptoPunk into custom-designed pendants. They will help to transfer the 87 attributes and 159 colors available across the collection of 10,000 CryptoPunk NFTs. Every pendant is guaranteed to contain a minimum of 30 gemstones or diamonds, but it relies on the pendants you bought. The design of the items will be done in a method that appears as the highest fidelity to the original NFT art. It will be the NFT’s color palette which lets you know if the pendant will have 18k rose or yellow gold.