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The sale of CryptoPunks NFTs surged dramatically after iconic jewelry brand Tiffany announced a limited-edition NFTiffs jewelry collection.
CryptoPunks non-fungible tokens (NFTs) sales volume jumped by more than 248% in the last 24 hours, thanks to Tiffany. The American luxury jewelry and specialty retailer recently launched an exclusive offer for CryptoPunks NFT holders. This offer comprises a separate line of NFTs, dubbed NFTiffs, a collection of 250 digital passes. Furthermore, CryptoPunks holders will be able to mint these assets for a jewelry encrusted pendant and an NFT likened to each person’s CryptoPunk.
Tiffany took to Twitter last Sunday to announce its CryptoPunks initiative, saying:
“We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant.”
How the Tiffany CryptoPunks Jewelry Pieces Will Look
The CryptoPunk pendants by the iconic jewelry brand will come in 18k rose or yellow gold based on the color palette of the NFT. Furthermore, each of the 250 pendants will be made with at least 30 gemstones or diamonds, including Sapphires, Amethyst, and Spinel. Tiffany also says that NFTiffs NFTs will launch on August 5th with a floor price of 30 ETH each, equivalent to $50K as of press time.
The process and prototype versions of the Tiffany Punk pendants first saw the light of day in early April. After that, blockchain infrastructure company Chain’s CEO Deepak Thapliyal posted a physical example on Twitter. Chain is the blockchain firm responsible for powering the Tiffany NFTiffs launch.
CryptoSlam puts the CryptoPunk collection’s sales volume for the last 24 hours at 1279 ETH, or roughly $2.16 million. Before the big Tiffany announcement, the NFTs only managed a sales volume of 123 ETH, or $200K. Cryptoslam also puts the most recent CryptoPunk sale at 78 ETH or around $131,000. This is considerably lower than the 2691 ETH (around $3.3 million) that Punk #4156 sold for last month.
CryptoPunks Not Directly Involved in Rollout of NFTiffs Initiative
The NFTiffs initiative is a direct result of individual CryptoPunk owners leveraging their intellectual property rights. NFTiffs reportedly has no direct ties to CryptoPunks or parent company Larva Labs.
Tiffany’s executive VP of product and communications, Alexandre Arnault, will lead the NFTiff initiative. The 29-year-old executive and former president of luxury luggage manufacturer Rimowa is already making his mark at Tiffany. For instance, just one year after his appointment, he instituted collaborations and drew in A-list celebrity collaborators to the company. Featured names include Beyonce, Jay-Z, Hailey Bieber, and Supreme.
Furthermore, reported information regarding the mining contract also states that 50 of the 250 supply of NFTiffs will be reserved for an allow list. However, the remaining 200 will become available in some other form, including a public mint to Punk holders. Furthermore, all interested parties will have to provide some form of identity verification through Know Your Customer (KYC) obligations. Additionally, interested buyers are also only limited to a purchase amount of three NFTs.