On August 1st, the famous jewelry brand Tiffany & Co. posted a tweet on Twitter, announcing that it will soon launch a necklace worth 30 ETH with Crypto Punk – NFTiff!
The pendant of this necklace will feature the avatar design of Crypto Punk, fully handcrafted with 30 diamonds set in an 18K yellow gold or rose gold chain, taking NFTs to another new level and level.
The limited number of 250 NFTiffs in the world is destined to be valuable. Interested players need to mint NFTiffs through the designated website in advance, and then exchange them for exquisite necklaces.
Many people think that this is just another form of high-end luxury, but from another perspective, if you successfully mint NFTiff, you may be able to add value to your Crypto Punk!
The video above shows a demo of one of the Punks. Only Punk Holders can redeem the 250-limited places. Players can match their Punks to create an identical necklace.
Is NFTiff worth 30ETH?
According to the current market price of ETH, 30ETH is about 48,000 US dollars. Let’s first look at the value of the necklace itself. According to the official introduction, this necklace is made of pure 18k rose gold, inlaid with 30 gems of different colors, plus diamonds. It is a necklace made of diamonds and gemstones with a height of about 3cm and a width of about 2-3cm.
The necklace alone is definitely not worth $48,000. Of course, this necklace is privately customized by Tiffany, and additional brand premiums and customization fees need to be considered.
Tiffany and Crypto Punk
If you want to predict the development direction of NFTiff in the later stage, you must first understand the beginning and end of this cross-border cooperation. The origin of Tiffany and Crypto Punk starts with Alex, the CEO of Tiffany.
On April 1, Tiffany launched the “TiffCoin” cryptocurrency under the packaging of a joke-like marketing stalk, taking advantage of the popularity of April Fool’s Day.
Next, Vice President Alexandre Arnault made the first CryptoPunk #3167 portrait pendant by materializing the CryptoPunk avatar he bought for $416,000.
At that time, he posted the pendant and initiated a vote to ask other holders if they also wanted to own their own Tiffany pendant, which caused fans and NFT collectors to be eager to move. The CEO himself is an NFT player, which directly contributed to the birth of the NFTiff project.
The watch TAG Heuer in the picture below is a famous watch that can be linked to a wallet. The NFT owned by the player can be directly displayed on the watch, and it can be seen from social media that Alex is a loyal fan of Crypto Punk.
In addition to the CEO of Tiffany, Alex has another identity. LVMH Group is the largest luxury brand group in the world. We can find it from Wikipedia, including LV, Christian Dior, Fendi and other well-known luxury brands. Sub-brand. The founder of LVMH Group is Bernard Arnault, Alex is one of his children, and the CEO of the TAG Heuer brand watch we mentioned earlier is another son.
From the above points, it can be seen that some luxury brands have begun to try the NFT direction. If all 250 NFTiffs are sold out this time, it will be about 12 million US dollars, which will be a lot of income.
For players, if it is some high-quality Punk, it is worth participating. In the later stage, if you bundle the necklace with Crypto Punk, you may get good income. If you are a Floor Punk player, it is not recommended to participate. Relatively speaking, the expected value of Floor Punk in the future is low.
Given that the cryptocurrency/NFT market has plunged 54% year-to-date, Tiffany’s move is quite bold. According to the latest data from NFTGo.io on August 4, the current transaction volume of Tiffany NFT “NFTiff” has exceeded 140,000 US dollars, and the market value has reached 7.88 million US dollars.
We don’t know whether NFTiff will double in value in the secondary market in the future, but the cooperation between Tiffany and Crypto Punk has brought NFT to the forefront of the luxury industry. Whether more luxury brands will join in the future, we will wait and see. .
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/50000-to-buy-a-tiffany-nftiff-necklace-is-an-investment-or-a-luxury/
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