Tiffany is selling a custom CryptoPunk pendant for $50,000
For around $50,000 (30 Ethereum), CryptoPunk holders can buy their NFT (Non-Fungible Token) then Tiffany & Co. A handcrafted pendant modeled from — and no, it’s not a joke (via Decrypt) can be found. A pendant with “at least” 30 diamonds or gemstones, hung on an 18K gold chain with five pave diamonds.
This offer is only for people who are cryptopunks, aka those weird pixelated avatars you see on Twitter (no, not them, others). But don’t let the overly simple art fool you — the average price for these things is around $200,000, even after several months of declining sales activity for the market. There are only 10,000 CryptoPunk designs and now you can transform into your own custom, gem-encrusted pendant (if you’re rich enough to be able to afford an NFT or pendant in the first place).
Tiffany & Co. has previously experimented in the world of Web3. In March, he announced a $380,000 purchase of an NFT that looks like a child’s drawing (sorry, not sorry). Tiffany later debuted its “TiffCoin” cryptocurrency as an April Fool’s Day joke. While the cryptocurrency never actually existed, the joke served as a marketing ploy for Tiffany’s real, limited-edition 18K gold coins. Even in this instance, the jeweler is interestingly targeting existing NFT holders as potential customers, rather than trying to market NFTs to people who buy their traditional physical products.
Tiffany’s NFTiff pendant joins a growing number of high-end products with NFTs attached. Last month, Chevy tried to auction off NFTs bundled with a free 2023 Corvette, which drew zero bids, and Alfa Romeo began including NFTs with its new Tonale SUV.
Tiffany says it will work to create a “high fidelity” pendant to the original cryptopunk art. It gives all the details on this FAQ page, where it gets really serious about how it plans to make this NFT-inspired piece of jewelry.
“For example, to create 3D glasses, Tiffany designers will take advantage of the baguette stone,” Tiffany explains. “Cryptopunk colors are represented as closely as possible by using the natural colors of various gemstones.” Actually, it’s kind of funny that a professional jewelry-maker had to sit there and try to figure out how to create a pair of pixelated 3D glasses on a pendant.
These photos shared by Tiffany’s EVP, Alexandre Arnault, can give you an idea of what the cryptopunk pendant looks like. He sports a very pixel-ly pendant, which resembles his Twitter profile picture. It also has a cryptopunk number engraved on the back.
Tiffany’s expensive trinket will come with “NFTiff,” the jewelry maker’s “clever” name for NFT. It’s only selling 250 NFTiffs, which Tiffany says CryptoPunk holders can mint and redeem once purchased. NFTiffs and their corresponding pendants will go on sale on August 5th at 10AM ET on Tiffany’s dedicated NFT website.