The Fall of Tiffany & Co. NFT raises $12.5M after spot sale - Enrich of Tech Updates Across the World

Basic Takeaways

Tiffany & Co. raised more than $12.5 million in its first NFT round today.
Priced at 30 ETH each, the collection of 250 CryptoPunks-inspired NFTs sold out in about 20 minutes.
Tiffany & Co. is just the latest in a growing list of luxury brands showing interest in cryptocurrencies and NFTs.

Tiffany & Co. has become the latest big brand to enter the NFT world with a collection of limited edition Ethereum-based tokens and matching CryptoPunks-themed jewelry. Priced at 30 ETH, the 250 pieces sold out in about 20 minutes, bringing in more than $12.5 million.

Tiffany & Co. drops the first NFTs

Tiffany’s has made a lavish entry into the NFT space.

We have sold out of all 250 NFTiffs. Until the next mint. #NFTiff #TiffanyAndCo

—Tiffany & Co. (@TiffanyAndCo) August 5, 2022

The world-renowned luxury jeweler today unveiled its first NFT collection, a line of 250 digital cards inspired by CryptoPunks called ‘NFTiffs’. NFT prices were 30 ETH, about $50,000 at today’s prices. The collection sold out in about 20 minutes, bringing in over $12.5 million. Tiffany & Co. released the collection on the Ethereum blockchain via Chain Protocol.

NFTiffs are digital tokens that CryptoPunk NFT holders can redeem for a digital artwork based on their original Punk. Each piece of digital art will come with a luxury locket in the same design. The lockets will be luxury items in their own right, crafted from gold and precious stones carefully selected to match each of the CryptoPunks’ various characteristics. They are expected to ship in early 2023.

While anyone (barring those on a sanction list) could purchase an NFTiff, only CryptoPunk holders can redeem it for digital art based on their Punk and a matching jewelry locket. To do this, the redemption wallets must have an NFTiff and a CryptoPunk to model the new artwork. NFTiffs must be redeemed by August 12th.

Despite cooling conditions in the cryptocurrency market, the NFT sector has shown some resilience over the past year, with several established brands making moves to establish themselves in the space. Tiffany & Co. is just one of many luxury brands to enter Web3 in recent months, with notable others including Gucci and Louis Vuitton.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

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