Anyone can purchase the newly released NFTiff, but Punk holders who already own one can redeem it for a custom pendant. The trading volume of CryptoPunks, one of the sector’s most popular nonfungible token (NFT) collections, increased by 1,847% in 24 hours on Monday. Punk NFTs valued at about $1,226.68 Ether (ETH) were traded during that period. The rise in demand appears to be related to the unveiling of Tiffany & Co.’s own NFT collection, which includes a special perk for Punk holders.
The collection, dubbed “NFTiffs,” comprises 250 digital passes. NFTiffs, minted on the Ethereum blockchain, can be purchased by anyone. CryptoPunk holders, on the other hand, can exchange the NFT for a personalized jewelry experience. Punk owners can choose to receive a custom-designed pendant and an NFT digital artwork that resembles the final jewelry design after purchasing. These are made in-house by the company’s craftspeople and are inspired by the Punks NFT line.
Tiffany will make pendants utilizing at least 30 gemstones such as sapphires, amethyst, spinel, and diamonds with an 18karat rose or yellow gold frame, depending on the color palette of the Punk NFT. Buyers will receive a representation of their item by October, with physical delivery expected in 2023.
Each NFTiff will cost 30 Ether, including the NFT, a bespoke pendant and chain, and shipping and handling. There is a maximum of three passes per client, and the sale begins on August 5 at 10:00 a.m., with a redemption deadline of August 12 at 9:00 p.m. Eastern Time.
At the time of publication, CryptoPunks had a floor price of 74.75 ETH, which means that jewelry fans would have to pay about $125,000 for a Punk NFT on top of 30 ETH for an NFTiff to partake in the bespoke jewelry experience.
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