After the boss (Alexandre Arnault, executive vice president of product and communication) charged his personal jewellers at Tiffany & Co. to turn his own CryptoPunk NFT into a pendant earlier this year, the brand decided to release a limited 250 piece mint for similar CryptoPunk NFT pieces.
The offer sold out in days and raked in US$12.5 million in ethereum.
Each bejewelled NFT unit was sold for 30 ether, or just over US$50,000. CryptoPunk owners had until 12 August to redeem their NFTiff and they will be turned into luxury jewellery by the brand.
“Depending on which Cryptopunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art,” Tiffany’s explained last week. “Examples of gemstones include but are not limited to sapphires, amethyst, and spinel.”
Metrics from cryptoslam.io revealed that NFTiff owners were already trading with the price dropping initially on the secondary market to under 27 ether.
Tiffany promises to have the completed physical NFTiff in buyers’ hands by the end of the year.