At the end of July Tiffany & Co announced the release of a combined NFT collection: this is composed of digital collectibles and physical jewels with Tiffany’s signature, as the established American company is best known. It is a limited edition of 250 units, which will be sold at a price of 30 Ethereum each.
The name of the Tiffany NFT collection will be NFTiff, and it will represent yet another Web3 evolution of the prestigious high-class jewellery brand that will be available exclusively to CryptoPunks owners. The tokens were issued on August 5.
The company, known today for its jewelry, was founded in 1837 in Manhattan as Tiffany by Charles Lewis Tiffany, who shortly after would have had a new partner, John B. Young. It subsequently took the name Tiffany & Co. From then on, the founder would focus exclusively on jewelry, thus leaving behind the sale of stationery and other goods that supported the business in the very beginning.
From this time on, the company began to collect one success after another—and above all—it showed the whole world its innovative nature.
It is thanks to Tiffany & Co that the 925/1000 title for silver estimation was introduced and that metals unknown at the time to jewelry and precious materials manufacturers were brought to the market.
Faithful to its vision, Tiffany’s has been exploring the possibilities of blockchain and related technologies since last spring. In fact, in March, it embraced an art piece in the NFT form by Tom Sachs as the profile picture of its official Twitter account. A few weeks after the 28-year-old executive vice president of product and communications Alexandre Arnault was gifted with a pendant reproducing his CryptoPunk #3167.
The CryptoPunks is an exclusive club where two pieces are not precisely the same, and each one of them can be formally held by a singular person on the Ethereum blockchain NFT therefore it will be strictly limited to owners of the tokens that have long represented the ultimate in on-chain virtual luxury.
This unique collection was not open to ordinary people at the event on August 5. Therefore, the 250 tokens were sold at the price of 30 Ethereum each and were enclosed with a piece of jewelry designed exclusively for the occasion.
An exclusive and at the same time innovative collection, in true Tiffany’s style, that promises to raise Non Fungible Tokens to the highest level. Indeed, what has been done for Alexandre Arnault, at this stage seems to be a rather successful experiment.
CryptoPunks’ owners will then see their exclusive token reproduced in the shape of a luxurious pendant. A move that also proves that the luxury industry itself is unaffected by the ups and downs of the markets.
Major brands keep investing in cryptocurrencies and their related technologies, such as the Kering group, investing significant amounts of money to make sure the brand has a huge presence in the metaverse, an environment that can now no longer be neglected by luxury firms.
Another well-known name is John Richmond in partnership with Shiba Inu, and again Franck Muller who has launched an exclusive NFT collection with definitely glamorous tones. Despite the NFT and overall crypto markets having slowed since their initial hype, this bodes well and shows a growing interest in the market.