Nft space has appealing news this week and some Nft owners have big hopes for it. A well-known jewellery brand Tiffany & Co announced that they’re going to release a new series of jewellery sets “Crypto Punk Pendants” for the holders of Crypto Punk Nfts.
We’ve seen big brands starting to enter this new market and partnering with the famous Nft collections like Crypto Punks, Bored Ape Yatch Club, Azuki etc. So it wasn’t a surprise for most Nft enthusiasts when Tiffany & Co announced the partnership.
Tiffany & Co anounced on Sunday that they’re going to create a line of Nft-related luxury accessories called Crypto Punk pendants and only Crypto Punk Nft holders can buy it.
That means even if you like to buy one of these jewellery, first you need to buy a Crypto Punk Nft to become eligible for the public sale, Also you only can buy with Ethereum from 30 ETH per piece on August 5 at the company’s Nft website called NFTiff.
So in short, to buy these necklaces, you need to hold one of Crypto Punk Nfts, plus you need to have 50 ETH in your crypto wallet and then you are eligible for the presale. If you have the necessary requirements then Congratulations!
Now the rest is to wait for the NFTiff presale date. Even some of the Nft holders doesn’t like the partnership, it’s good to see giant brands have some kind of interest in Nft ecosystem. By the way, there will be only 250 pieces for sale exclusively available to Crypto Punk holders.
Tiffany & Co announced that their designers will interpret each CryptoPunk into custom-designed pendants – converting the 87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color.
The Details of the Crypto Punk Pendants Partnership
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As big brands start to sign contracts with big Nft collections, Tiffany & Co also decided to go for a partnership with one of the biggest Nft brands – Crypto Punk. It was a unique idea to produce jewelry form of an Nft and to do that they need a Web3 company.
So, Tiffany & Co partnered with the Chain which is a well-known blockchain-based technology company for the Web3 part of the deal. Actually, the idea first came from Deepak Thapliyal, the CEO of Chain, and he contacted to Alexandre Arnault, executive vice president of product and communication at Tiffany & Co, idea become to discuss a possible partnership.
Because we’ve seen other brand partnerships in the past, the community feel excited about the news and NFTiff project brought some energy to the Nft space. In April of last year, Louis Vuitton, Cartier, and Prada teamed up to introduce Aura, and it also generated hype and was big news for the time.
Anyway, after all, the details cleared they made the announcement. As we know so far, The Chain will supply the technology, but Tiffany is exclusively in charge of the design.
I personally really liked the render images they post on Twitter, The pendants are a beautiful illustration of the new license. So Crypto Punk holders will use Tiffany & Co’s NFTiff passes to turn their Crypto Punk Nft into new İntellectual property (IP) and the new IP is a necklace.
As the luxury sector continues to grow, it’s becoming increasingly clear that blockchain technology and NFTs have a place in the market. This project is a great example of how luxury brands, cryptocurrencies, and NFTs are intertwining more and more.
The design of these pendants is giving Nft holders some kind of physical and luxury property related to their favorite Nfts. Tiffany & Co announced that the material that will be used in production will be 18k rose or yellow gold based on the color palette of the NFT.
Also, there are stones on the pendants and not a few, at least 30 stones. Pieces may include gemstones and/or diamonds and CryptoPunk colors are represented as closely as possible using the natural colors of various gemstones.
If the company succeeds in selling out of all these 250 pendants then Tiffany’s may make about USD $12 million in sales. So because Nft space has a high trade volume, it opens a new play area for brands and we’ll see more partnerships in the future.
The Market & Community’s Reaction to Crypto Punk Pendants
Even some members of the Crypto Punk community didn’t like the partnership due to some ifluencer’s thoughts about the IP rights, the floor prices changed in positive direction. At July 31 the floor price was 68 ETH.
After NFTiff’s first announcement, floor prices climbed to 76 ETH on August 4. Secondary sales of the collection did drop during the first market downturn in May and June, but they bounced back in the middle of July and peaked at an 84 ETH floor price.
Some members of the community have raised doubts or concerns over the NFTiff Terms of Service. Concerning ownership of the Crypto Punk NFT, there is some uncertainty because it appears that the rules of service transfer title from the customer to a brand.
The head of operations for Chain, however, argued that each owner of a Crypto Punk retains ownership of that Punk’s intellectual property (IP). When a consumer purchases an NFTiff, they give Tiffany & Co. Company permission to use their intellectual property to create the Crypto punk pendant just for them.
When is the NFTiff Presale?
The Crypto Puk pendants will be available for purchase at Tiffany’s NFT website and they’re launching the set on August 5 for eligible participants only.
Each crypto punk pendants will have at least 30 diamonds, colorful gemstones, or both, set in 18-karat rose or yellow gold, and hang on an 18- to 22-inch necklace.
There are more than 10,000 Crypto Punk NFTs available, but only 250 pendants with special edition numbers will be made. NFTiff sales are limited to three passes per person
Despite the relationship seems to be an odd pairing of an established brand with cutting-edge technology, customers can be sure that each customized necklace will be sent in the iconic Tiffany blue box.
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