Diamonds are a CryptoPunk’s best friend. Luxury jeweler Tiffany & Co. has announced its “NFTiff” project, a collection of 250 digital assets redeemable by CryptoPunks holders. Each asset can be minted and created into a custom-made, one-of-one pendant with a matching NFT to go along with it.
Artisans from Tiffany & Co. will construct the pendant based on a CryptoPunk owner’s Punk NFT. The 87 attributes and 159 colors across the 10,000 CryptoPunk NFTs will be matched to their closest gemstone or enamel color. Only 250 NFTiff passes will be available for 30 Ethereum each, worth approximately $51,000, with a limit of 3 NFTiffs per customer.
What’s in that little blue box — Each pendant is crafted in the shape of a Punk owner’s respective NFT. It will sit on an 18k rose or yellow gold base and be fitted with at least 30 gemstones or diamonds, including Sapphire and Amethyst, based on the individual attributes. The pendant measures 30mm long and 20-30mm wide, and there will also be an engraving of its Punk serial number and the Tiffany & Co. logo. The pendant will then be delivered with a digital NFT version by October.
CryptoPunks, once a quirky art piece and given away for almost nothing, now go for over $100,000 each among a tight-knit community of 10,000 holders. If all 250 NFTiffs sell for the asking price of 30 ETH, that’ll fetch an easy $12.75 for this project alone.
CryptoPunks’s parent company Larva Labs actually has nothing to do with the release. The entire production is powered by blockchain infrastructure company Chain. Chain’s CEO shared a first look of the pendants, as did Alexandre Arnault, who’s leading the project. But the project really came into fruition thanks to individual Punk owners leveraging their intellectual property (IP) rights.
The NFTiff web page has a countdown leading to the August 5 launch, but don’t feel too pressed for time. Information found in the minting contract says 50 NFTiff’s will be on an allowlist reserve, and the other 200 will be distributed via public sale. Punk holders will supposedly have to undergo identity verification through KYC.
Because this isn’t an airdrop, the company requires using Meta Mask, Coinbase Wallet, Trust Wallet, or any other wallet where you directly control its keys. Sales begin at 10 am EST this Friday, August 5, and buyers have until 9 pm EST August 12 to redeem their NFTiff. If you’re interested, you can find more information on the Tiffany & Co. NFTiff FAQ page.