American jewelry brand Tiffany & Co. announced the launch of its new NFT collection. Dubbed “NFTiff,” the sale of the series is slated for August 5th.
- The initiative is led by Alexandre Arnault, the luxury retailer’s recently appointed executive vice president of product and communications and former president of Rimowa.
- The famed collection will essentially comprise of 250 digital passes that will be offered by Tiffany & Co. Each NFTiff is worth 30 ETH (over $50,000), which includes the cost of the NFT, the custom pendant, the chain, and shipping/handling.
- It may potentially go down as the most expensive public sale of NFTs in history.
- The NFTs may be minted at the time of purchase and redeemed by the holders of CryptoPunks for the creation of a custom-designed pendant and an NFT digital artwork that resembles the final jewelry design.
- According to the company’s website, Tiffany & Co. artisans will design and craft the pendant, which is inspired by Cryptopunk owner’s Punk NFT.
- The company will release only 250 NFTiff passes for users to purchase. A customer may buy a maximum of 3 NFTiffs.
- With the latest launch, Tiffany & Co. is targetting an affluent cohort of NFT collectors by making it exclusive to holders of CryptoPunks.
- Popular brands such as Adidas had also leaped into metaverse this year.
- Luxury brand Prada also announced an expansion to the web3 with the launch of an Ethereum-based NFT collection of its own.
Featured Image Courtesy of The Chanakya Mall