The NFTiffs, the first digital collection by the luxury jewelry retailer, will have a limited supply of 250 pieces each priced at 30 ETH, just above $50,000 at the time of writing. Each NFT grants holders access to a handmade custom pendant resembling CryptoPunks they already own. Each customer can purchase no more than three NFTs.
“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 company stated on its website. “CryptoPunk colors are represented as closely as possible using the natural colors of various gemstones.”
All pendants will be made of 18k rose or yellow gold based on the color palette of the NFT and will be engraved with the unique CryptoPunk series number and Tiffany logo on the reverse. No personalization and extra engraving are available.
The first pendant was created for Alexandre Arnault, Tiffany’s executive vice president of product and communications and former president of Rimowa, and resembled CryptoPunk #3167, which he owns. The jewelry piece was made of rose gold base encrusted with sapphire, ruby, and yellow diamond, and decorated with enamel placed in square wells that represent the pixels of the original NFT.
Another pendant was so far claimed by Deepak Thapliyal, the CEO of the blockchain infrastructure company Chain that was behind the launch of NFTiffs.
What’s interesting is that CryptoPunks and its parent company Larva Labs aren’t involved with the launch of the collection. Instead, the release was possible due to CryptoPunk holders leveraging their intellectual property rights.
According to web3 developer @MikeSylphDapps, the minting contract reveals that 50 of the 250 supply of NFTiffs are reserved for allowlisted addresses, while the rest of the pieces will be sold through a public mint to CryptoPunk holders. All buyers should undergo a KYC procedure to verify their personal information for shipping and compliance requirements.
The sale is set to start on August 5, 2022, at 10:00 AM EST for all eligible users. The deadline for redeeming NFTiff is August 12, 2022, at 9:00 PM EST. The anticipated ship date for the pendant is early 2023.