Is Tiffany & Co.’s foray into the NFT space genius or ridiculous? They might be on to something, considering there are 10,000 CryptoPunks out there, and Tiffany & Co. is only trying to sell 250 digital passes. For 30 ETH, CryptoPunks holders will get a “custom designed pendant and a NFT digital artwork that resembles the final jewelry design.” Keep reading to learn more about these scarce but pricey pendants.
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. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
Starting on August 5th, through this website, a selected number of CryptoPunks holders will be able to mint their lazily-named NFTiffs. “The pendant will be designed and crafted by Tiffany & Co. artisans, and inspired by the Cryptopunk owner’s Punk NFT. Only 250 NFTiff passes will be available for purchase. Each customer may purchase a max of 3 NFTiffs.” So, there might not even be 250 pendant owners.
Tiffany & Co. Did Its Homework
From the jump, reading the related material, it’s obvious that the people behind this project know what they’re talking about. And that the project is very well though out. “Tiffany & Co. designers will interpret each CryptoPunk into custom-designed pendants – converting the 87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color.”
Maybe those stats are not as impressive, but check out what Tiffany & Co. says about the gold they plan to use.
“Pendant will be in 18k rose or yellow gold based on the color palette of the NFT. The rose and yellow gold will complement the base color of each punk type. The two lighter base colors and the alien will be 18R, and the two darker base colors, the zombie and the ape will be 18Y.”
These people know about the aliens, the zombies, and the apes. And have a plan to represent each one. In gold, among other precious metals and stones. “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.”
That does sound amazing, but, is CryptoPunks-inspired jewelry a good idea in the first place?
ETH price chart on Bitfinex | Source: ETH/USD on TradingView.com Other Pendant Characteristics
- First of all and most importantly, “clients will not have the ability to participate in the design process or provide feedback on the render.”
- “The pendant will be on a 18k gold adjustable chain between 18”-20”-22” of rectangular links.”
- Customers will receive the “physical good in early 2023,” but the NFT will be available “once the final rendering is completed.”
- For lucky individuals or celebrity customers, “Select custom pendants will include fancy stone shapes.”
- For keyboard warriors and the like, “all stones will meet Tiffany & Co.ʼs ethical and sustainability standards.”
The whole project seems to be the work of Chain, a company that offers an NFT-as-a-Service product among other things. “Through an end-to-end service, we help leading brands launch their own customized and tailored NFT product that can be a digital and/or physical collectible powered by smart contracts and blockchain technology,” they promise. We’ll have to wait a few months to see if they and Tiffany & Co. deliver.
Featured Image: Pendant screenshot from the video | Charts by TradingView