Tiffany Jewelry Will Create 18-Carat Pendants From NFT Avatars For $50,000. They Sold Out In One Day

Luxury jeweler Tiffany & Co sold 250 NFTiff digital passes on Friday, which buyers will be able to exchange for a limited collection of gemstone pendants. The auction was valid only for holders of CryptoPunks – popular NFT avatars inspired by the British punk scene of the 70s. The CNN portal writes that the luxury jewelry store sold them out in one day.

For every NFTiff purchased, Tiffany designers will create a unique pendant in the form of a specific pixel avatar. Each 18 carat NFTiff piece will contain 30 precious stones and/or diamonds worth 50 thousand dollars (30 ETH).

NFTiff couldn’t be easier. Purchase your NFT through the NFTiff gateway, choose your CryptoPunk and Tiffany artisans will transform it into a bespoke pendant. Discover more: https://t.co/wL1q7iGYJi #NFTiff #TiffanyAndCo pic.twitter.com/KUVS9poEjj

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

"The collection is basically cave paintings of Web3 art," Noah Davis, the new head of the CryptoPunks brand and former head of digital sales at Christie's, told CNN in an interview. “Owning NFTs is a really powerful thing for the digital era. It is an indelible record that cannot be forged, copied or destroyed. It's there forever," he added.

In March, Yuga Labs, the parent company of Bored Ape Yacht Club, another famous NFT project, acquired all of the intellectual property (IP) of CryptoPunks and decided to grant commercial rights to all holders. This opened the door to projects such as Tiffany pendants.

"In this case, the owners of CryptoPunks are essentially entrusting Tiffany to create a new IP from their CryptoPunk, and that new IP is the pendant," said Noah Davis. The project is one of the examples of the increasingly frequent collaborations of luxury brands with cryptocurrencies and NFTs.

Launched in 2017, CryptoPunks consists of 10,000 unique characters generated in 8-bit style that are stored on the Ethereum blockchain.