jewelry company, Tiffany & Co.’s NFT collection depicting Cryptopunks NFTs sold out, almost instantly, in 20 minutes. This raised $12.5 million, after pricing 250 Cryptopunks-inspired NFTs for 30 ETH each. This adds Tiffany & Co. to the evergrowing list of luxury companies that have shown interest in cryptocurrency and NFTs.
The Tiffany & Co. Cryptopunks NFTs
Tiffany & Co. has become the latest big brand to jump into the NFT world with a collection of exclusive Ethereum-based NFTs, and corresponding physical jewelry. Particularly, the collection was launched on Friday and sold out in 20 minutes. 30 ETH, the price of each NFT, is worth around $50,000 at the time of writing. This meant that the company brought in $12.5 million in that time period. However, it is unconfirmed how much of that is profit, of course.
Each item from the Tiffany & Co NFT collection, which they titled ‘NFTiff’, can be directly used to redeem a physical pendant from the world-famous jeweller. Each pendant could be classed as a luxury item in itself, being made of gold and other precious stones, which are each selected to recreate the traits of the Cryptopunks. They should ship in early next year, as they’ll be created until then.
Although anyone could buy an NFTiff, only Cryptopunks holders were able to customise them. To clarify, holders could corolate the pendant to their own NFT, with the same traits.
The Company’s History
Tiffany & Co is an American luxury jewelry retailer. They are headquartered in Fifth Avenue, New York. They were founded in 1837 as ‘Tiffany, Young and Ellis’. Since then, they have created a name for themselves as one of the best, and most luxurious jewelers in the world. Though, they are best known for their diamond and silver jewelry. Now, as of March 2020, they have 326 locations around the world, employing 14,000 people.
The Tiffany & Co NFT move shows a new, innovative, modern side to the company, which we may not have seen to much of before, as they focus on traditional jewelry.
