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If you are one of the many people who don’t really understand why NFTs (non-fungible tokens) are as expensive as they are, then brace yourself.
On Sunday, luxury jewelry brand Tiffany confirmed that it is diving into the world of cryptographic jpegs with a collection of its own, in collaboration with CryptoPunks – one of the most popular and expensive NFT projects on the Ethereum blockchain – to release a limited collection called – wait for it – “NFTiff”.
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Limited to a supply of 250 pieces, NFTiff “turns your NFT into a personalized pendant handcrafted by Tiffany & Co. artisans” for the bargain price of – deep breaths – 30 ETH.
Do you think cryptocurrency is bad? NFTs are even worse.
At the time of writing ETH is trading around $1,575, which would put the price of an NFTiff at $47,250. An NFTiff can be redeemed for a personalized piece of physical jewelry based on your CryptoPunk NFT, as well as another NFT that replicates the final jewelry design.
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Yes, it’s incredibly expensive, but when you put it in context it’s not that surprising. The last 10 CryptoPunk sales they average over 70 ETH, so owners are probably not short of money. For 30 ETH you get a Tiffany jewel as well as another NFT with a very small supply, which will likely make it highly sought after among crypto whales.
The pendants themselves will be made of 18k rose or yellow gold and include at least 30 stones, per Tiffany FAQ. Renders will be ready by October and the jewels will ship in 2023.
The sale will take place via Tiffany’s website on August 5 at 10 a.m. EST, and there will likely be all kinds of scams, so tread carefully.
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