Certain things come to mind when we think of Tiffany & Co. For some, it’s expensive jewellery in their signature blue boxes. For others, it’s the Audrey Hepburn film. But for most of us, the name Tiffany & Co. does not conjure up images of NFTs and web3,
But the company might just be on its way to changing that with its latest announcement. On July 31, 2022, Tiffany & Co. announced a new NFT venture that is exclusive to holders of assets from the CryptoPunks collection. Launching on August 5, 2022, the new venture will see NFTs being converted to custom pendants.
According to the official Tiffany site, the new NFTs, called NFTiff passes, will be 250 in total and will be limited to 3 assets per customer. They will only be available to buy through the Tiffany website and those who do buy them will get specific perks.
These perks will include a custom pendant that is inspired by their CryptoPunks NFT and special artwork. The pendant will be designed by Tiffany & Co. artisans and will take into account the different attributes that each NFT has, such as its colours. Depending on which NFT a CryptoPunks holder buys, each piece will use at least 30 gemstones in the creation of the final product.
Also depending on the NFT’s palette, its base will either be gold or rose gold and will feature gemstones and/or diamonds. As per the Tiffany site, the NFTs will cost 30 ETH each and customers will receive renderings of their pendants in October 2022, with the final product being shipped out in early 2023.
“Depending on which CryptoPunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art. Examples of gemstones include but are not limited to Sapphires, Amethyst, and Spinel,” the site says.
While the public will have to wait a while to both buy the NFTs and see their finished product, Tiffany & Co vice president Alexandre Arnault gave a glimpse of his own pendant, based on CryptoPunk #3167.
“When punks go wild at @TiffanyAndCo. #3167 Rose gold and enamel Cryptopunk.
Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring. LFG!” his tweet said, along with two pictures of his pendants.
Currently, the NFTIffs site is counting down to the launch date.
NFT Status Symbols
We talk a lot about how NFTs have become a modern status symbol, especially NFTs from top collections like CryptoPunks. But this new venture from Tiffany & Co. takes this a step further by allowing NFT owners to show off their status the same way that owners of ‘traditional’ status symbols do.
After all, you can’t show your NFT wallet to everyone who passes you on the street but having a Tiffany & Co. pendant (which is a status symbol in itself) based on an exclusive NFT collection means that digital status can be shown more easily in the material world.