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Luxury jewelry manufacturer Tiffany & Co. is jumping into the world of non-fungible tokens (NFTs) with the release of a very limited edition “NFTiff” that includes a physical locket.
As Decryption reports(Opens in a new window), Tiffany’s partnered with CryptoPunks, which offers a collection of NFTs on the Ethereum blockchain, to produce 250 digital passes called NFTiffs. Anyone who purchases an NFTiff has the options of redeeming their pass for “a custom locket and NFT digital artwork that resembles the final jewelry design.”
The NFTiffs start selling on August 5th(Opens in a new window) and a maximum of three can be purchased per customer. Each one will cost 30 Ethereum, which at the time of writing means you’re spending about $47,000. Price includes cost of NFT, custom locket, chain and shipping.
According to NFTiff FAQ(Opens in a new window), each custom locket will convert “87 attributes and 159 colors appearing in the collection of 10,000 CryptoPunk NFTs into the most similar gemstone or enamel color.” Each pendant will use a minimum of 30 gemstones and/or diamonds and will be approximately 30mm long and 20-30mm wide. Each customer will be sent a render of their locket by October, but cannot influence the design.
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The draw here for potential buyers is the very limited nature of the pendants. Only 250 will be made, and only CryptoPunks who purchase an NFTiff can order one. So there’s definitely potential for pendants to increase in value significantly over time, and Tiffany & Co. could boost value by repeating the locket concept in the future, paving the way for collectors to try to buy the entire set.
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