Tiffany and Co. is Selling CryptoPunk Diamond Necklaces for $50k
The collection of diamond pendants is exclusively available for CryptoPunk NFT owners to purchase, and is limited to 250 editions. Given the fact that there are 10,000 CryptoPunks, getting your hands on a customized necklace will be difficult even if you own a Punk.
They will be available to buy for 30 Ethereum (ETH), which is approximately $50,000. On top of the iced-out necklace, that $50,000 will get you a one-of-one NFT of your diamond studded CryptoPunk.
If Tiffany and Co. happens to sell out the collection, they will earn around $12 million. Even more revenue-creating opportunity comes in the form of royalties, which will be made for every sale of the thrown-in NFT of the necklace.
Communities within NFT Twitter have gathered to express their disliking of the high price tag. While it is extremely expensive, Tiffany and Co. is known as a luxury brand and has sold jewelry far pricier than $50,000.
Why is Tiffany and Co. Interested in Making the Necklaces?
The jewelry company's initial touchpoint in the world of NFTs started with their NFTiff initiative. At the helm of the enterprise is Alexandre Arnault, Tiffany and Co.'s Executive Vice President of Product and Communications.
NFTiff - a clever play on words with brand's name Tiffany and Co. - is focusing on the intersectionality between jewelry and Web3. Arnault has been entrenched in NFT culture and happens to own a punk himself. The first NFTiffs are going to be these short-supply CryptoPunk necklaces.
Arnault has been teasing his supporters on Twitter for a while, by occasionally posting images of his diamond-studded punk, CryptoPunk #3167.
The NFTiff CryptoPunks will be available for purchase here on August 5th. Buying one would contribute to the bigger picture of NFTs: creating physical entities from digital art.