Tiffany & Co is making its way into the Web3 space with the upcoming launch of the NFTiff project — a special collaboration with CryptoPunks, allowing holders to create custom designed pendants from their avatars.
Tiffany & Co appears to be the first luxury jewelry brand to set this particular trend, all thanks to the company’s tech-forward thinking executive vice-president Alexandre Arnault.
To purchase one of these, you must first own a CryptoPunk NFT. The NFTiff will sell for 30 ETH and there will only be 250 pendants available worldwide. This limited edition collection is set to accumulate roughly $12 million in revenue for the company.
The NFTiff token sale will kickoff this coming Friday, August 5 at 2:00 pm UTC, and will only be available for purchase on the Tiffany & Co website. Each CryptoPunk is limited to a maximum of three NFTiff tokens that will allow them to mint and recreate their 8-bit CryptoPunk avatar with 30 gemstones.
CryptoPunks holders will be able to choose from 87 different attributes and 159 colors to customize their pendants, and the pendant itself will be composed of 18-Karat rose or yellow gold, based on the color palette of the NFT.
The NFTiff marketing campaign has been an absolute success thus far with over 400K views on their tweet announcement within just the first 24 hours, giving the Web3 community much hope about the future of the NFT market bouncing back!
Other major luxury brands like Cartier, Prada and Louis Vuitton have also been making their way the Web3 world. Currently, the luxury collective is developing its own blockchain called the Aura Blockchain Consortium designed to push forward existing standards for traceability in supply chain management of luxury goods.