Tiffany releases sky-high price NFT and also comes with a real gemstone pendant

Today, news of Tiffany’s upcoming NFT release took the NFT community by storm. This long-established luxury brand is also about to be in line with the latest trend of NFT.

The NFT issued this time is called NFTiffs, which is the first NFT product launched by Tiffany & Co. Tiffany tweeted that the offering will be limited to 250 pieces, priced at up to 30 ETH, and only available to CryptoPunks holders.

Affected by the news, the trading volume of CryptoPunks series NFTs rose, with a 24-hour increase of 1024.43%, rising to the first trading volume, and the current floor price is 74.89 ETH. (It turns out that so many people paid 75 ETH in order to rush to spend 30 ETH NFT…)

Tiffany releases sky-high price NFT and also comes with a real gemstone pendant

It is reported that NFTiffs is a pendant NFT series based on CryptoPunk, and each customer can purchase up to 3 NFTiffs.

In addition, Tiffany also provides a corresponding physical version of this NFT pendant. However, physical goods have longer shipping dates, and expected delivery of physical goods is expected to be in early 2023.

According to Tiffany, the pendant used to create the custom design uses a large number of CryptoPunk design elements, including 87 attributes in the CryptoPunk NFT collection, and converts 159 colors in CryptoPunk into the most similar gemstone or enamel color, each piece The pendant will use a minimum of 30 gemstones including but not limited to sapphire, amethyst and spinel.

Although the NFT has not yet been issued, Tiffany has announced its contract address, which we can keep a close eye on.

The NFT contract address is as follows: 0xe8f88d16f24255FcFab25959705D724406D67D9d

Tiffany releases sky-high price NFT and also comes with a real gemstone pendant

The NFT will be available for all eligible users at 10:00 am EST on August 5th, and a striking countdown interface can be seen at the current purchase entrance. NFTs are not airdropped, and all NFTs must be acquired by purchase.

This isn’t Tiffany’s first foray into the NFT space. As early as March this year, Tiffany posted on social media to announce the purchase of Okapi in the Tom Sachs Rocket Factory series of NFTs, officially entering the NFT field. Tiffany then set Okapi as a Twitter avatar, which has been used to this day.

Back in April, Tiffany executive Alexandre Arnault designed a pendant of his own. The pendant is based on the CryptoPunk #3167 he owns. Although we have no way of knowing the specific image of this NFT pendant, it is also a CryptoPunk pendant or can provide us with a reference.

Tiffany releases sky-high price NFT and also comes with a real gemstone pendant

The technical service provider behind Tiffany

Interestingly, this NFT issuance was not done independently by Tiffany. The bottom layer of this NFT issuance is not the public chain we are familiar with. You can see the words “Powered by Chain” at the bottom of the project’s official website. Chain has provided a series of basic support for this NFT issuance project.

Chain provides customers with “NFT-as-a-Service” (NFT-as-a-Service), that is, from initial design, customization to code deployment, through end-to-end services, to help customers launch customized NFT products. Although we cannot know the specific details of the cooperation between Tiffany and Chain, it may be speculated that this NFT issuance may still have more work done by Chain, rather than the brand’s “personal exit”.

Its official information shows that Chain has built a rich encrypted ledger and cloud infrastructure to support transformative financial products and Web3 services. Founded in 2014, Chain has raised over $40 million in funding from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa. In 2018, Chain was acquired by Stellar.

Luxury brands flock to Web3

Whether it is for marketing purposes or to expand new customers, it is nothing new for luxury brands to enter the Web3 field and test the waters of NFTs, especially Tiffany has been acquired by LVMH Group for a year, and the luxury giant has also been testing the waters of NFTs.

In April last year, LV, Cartier, and Prada jointly launched Aura, which is a service based on the blockchain network, using NFT to identify and track goods, and to combat counterfeit products. LV has also launched NFT mini-games and established Metaverse virtual ambassadors.

In May of this year, Italian luxury brand Gucci announced that it would start accepting 12 types of cryptocurrency payments in five stores in the United States, and plans to gradually expand this service to the United States, and plans to carry out wider promotion in the future. In addition, Balenciaga, Farfett, and Off-white have successively launched cryptocurrency payment services.

In addition, the luxury brand FENDI has also designed exclusive leather bags for Ledger. This is the first time that a luxury brand has designed exclusive products for hardware wallets, targeting consumers precisely to encrypted users.

There is no doubt that the wave of Web3 and encryption has intensified in the world of luxury, and it remains to be seen where it will eventually go.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/tiffany-releases-sky-high-price-nft-and-also-comes-with-a-real-gemstone-pendant/
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