Each token to exchange for jewelry was sold for 30 ETH, bringing the company more than $13 million

Tiffany sells off tokens for NFT holders from the CryptoPunks collection in 20 minutes

08.08.2022 - 12:40

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2 min

What’s new? Jewelry company Tiffany & Co. has sold all 250 NFTiff passes that CryptoPunks holders can exchange for precious metal pendants that replicate their NFT collection characters. The sale began on August 5 and closed 20 minutes after launch. Each NFT was sold for 30 ETH (about $53 000), generating ~$13,2 million in revenue for the company.

Terms of the deal. NFTiffs owners have until August 12 to exchange their tokens, according to Tiffany’s website. As for the pendants, buyers will receive their renderings by October 2022 and the finished jewelry in early 2023. If an NFTiff holder sells their token before the pendant is delivered, they won’t be able to receive it.

What is known about the pendants? Tiffany designers will turn each token into a unique pendant, with 18 karats rose gold and yellow gold as materials. A total of 87 different attributes and 159 colors are found in the collection, which will also be taken into account when making the jewelry. Each piece will use at least 30 gemstones and/or diamonds to create a custom design.

CryptoPunks is one of the first NFT collections on the Ethereum blockchain. It was launched in June 2017 by Larva Labs and purchased by Yuga Labs in 2022. The collection consists of 10 000 NFTs in the form of 24×24 pixel art images of people. As of August 8, the minimum price per token is 13 ETH (~$23 049).

On August 1, following Tiffany’s announcement of the upcoming release of NFTiff, the daily trading volume of CryptoPunks tokens increased by 1847%. In just one day, tokens worth 1226,68 ETH (~1,94 million dollars) were sold.

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