Tiffany & Co. NFT Drop Raises $12.5M After Instant Sellout
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Key Takeaways
Tiffany & Co. raised more than $12.5 million on its first NFT collection today.
Priced at 30 ETH each, the collection of 250 CryptoPunks-inspired NFTs sold out in around 20 minutes.
Tiffany & Co. is only the latest in a growing list of luxury brands to show interest in crypto and NFTs.
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Tiffany & Co. has become the latest big brand to jump into the NFT world with a collection of limited edition Ethereum-based tokens and corresponding CryptoPunks-themed jewelry. Priced at 30 ETH, the 250 pieces sold out in around 20 minutes, bringing in more than $12.5 million.
Tiffany & Co. Drops First NFTs
Tiffany’s has made a lavish entrance into the NFT space.
We are sold out of all 250 NFTiff. Until the next mint. #NFTiff #TiffanyAndCo
— Tiffany & Co. (@TiffanyAndCo) August 5, 2022
The world-famous luxury jeweler launched its first NFT collection today, a series of 250 CryptoPunks-inspired digital passes dubbed “NFTiffs.” The NFTs were priced at 30 ETH, around $50,000 at today’s prices. The collection sold out in around 20 minutes, bringing in over $12.5 million. Tiffany & Co. launched the collection on the Ethereum blockchain via Chain Protocol.
NFTiffs are digital passes that CryptoPunk NFT holders can redeem for a digital artwork based on their original Punk. Each piece of digital art will be accompanied by luxury pendants in the same design. The pendants will themselves be luxury items, made of gold and precious stones carefully selected to correspond with each of CryptoPunks’ various traits. They’re expected to ship in early 2023.
While anyone (barring those on a sanctioned list) could buy an NFTiff, only CryptoPunk holders are eligible to redeem them for digital art based on their Punk and a corresponding fine jewelry pendant. To do so, redeeming wallets need to hold an NFTiff and a CryptoPunk to model the new artwork on. NFTiffs must be redeemed by August 12.
Despite cooling conditions in the crypto market, the NFT sector has shown some resilience over the last year, with several established brands making moves to establish a footing in the space. Tiffany & Co. is just one of many luxury brands to leap into Web3 in recent months, with notable others including Gucci and Louis Vuitton.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
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