The CryptoPunk necklaces are exclusively for Cryptopunk owners, with a total supply of 250 pieces only.
According to Tiffany and Co, the jewellery is named’ NFTiff’ and will be made up of 250 digital assets that will allow holders to convert their Punk into the form of a pendant.
Tiffany wrote on its Twitter handle, “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.”
The pendant will have thirty diamonds and gemstones encrusted on it; and each one is priced for around 30 ETH, $50,000 approximately.
Also, the jewellery will be made with an 18K rose gold or yellow base, engraved with the unique Punk serial number and Tiffany logo on the backside.
Additionally, the collectors would get an accompanying NFT render of their pendant.
The initiative of converting NFT to jewellery is led by Tiffany’s recently appointed executive vice president of product and communications and former president of Rimowa, Alexandre Arnault.
Also, the launch results from a partnership with the cryptocurrency company Chain, which handles the launch’s back end.
One of the most significant aspects of this jewellery launch is that the parent company, Larva Lab and CryptoPunk are not directly involved. Instead, it is being made possible by the individual Punk owners utilizing their intellectual property rights.
However, this initiative has received mixed reactions. While some have praised the initiative, others have criticized it for being too pricey.
One of the Twitter users wrote, “I have no beef with Tiffany selling 250 Cryptopunk pendants/NFTs for 30 ETH. I won’t be buying one, but it’s a luxury brand, and anybody spending that money knows what they’re getting. People love to flex, and you can’t put a price on that.”
With this, Tiffany & Co has struck a different chord, and it is just a matter of time before we will see more luxury brands coming up with something similar.