Tiffany & Co. NFT Drop raises $12.5M after instant sellout

key takeaways

  • Tiffany & Co. raised over $12.5 million today in its first NFT collection.
  • At 30 ETH each, 250 CryptoPunks-inspired NFTs sold out in about 20 minutes.
  • Tiffany & Co. is just the latest in a growing list of luxury brands showing interest in crypto and NFTs.

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Tiffany & Co. is the latest major brand to enter the NFT world with a collection of limited-edition Ethereum tokens and corresponding CryptoPunks-themed jewelry. Selling for 30 ETH, the 250 pieces sold out in about 20 minutes and earned over $12.5 million.

Tiffany & Co. abandons first NFTs

Tiffany has made a big foray into the NFT space.

The world-renowned luxury jeweler today launched its first NFT collection, a series of 250 CryptoPunks-inspired digital passes dubbed “NFTiffs”. The price of an NFT is 30 ETH, which is about $50,000 at today’s prices. The series sold out in about 20 minutes and earned more than $12.5 million. Tiffany & Co. launched the series on the Ethereum blockchain via Chain Protocol.

NFTiff is a digital passport that CryptoPunk NFT holders can use redemption Digital artwork based on their original punk. Each piece of digital art will feature a luxurious pendant of the same design. The pendant is a luxury item in itself, made of carefully selected gold and precious stones, corresponding to the various characteristics of CryptoPunks. They are expected to ship in early 2023.

While anyone (except those on the sanctioned list) can purchase NFTiffs, only CryptoPunk holders are eligible to redeem digital art based on their Punk and corresponding fine jewelry pendant. For this, redemption wallets need to hold NFTiff and CryptoPunk to simulate new artwork. NFTiffs must be redeemed by August 12th.

Despite the cooling in crypto market conditions, the NFT industry has shown some resilience over the past year, with some well-known brands taking action to gain a foothold in the space. Tiffany & Co. is just one of many luxury brands that have made inroads into Web3 in recent months, other well-known names include Gucci and Louis Vuitton.

Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.

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