Tiffany & Co

CryptoPunks’ trading volume surges 1,847% after Tiffany & Co. launches exclusive NFT collection

Anyone can buy the newly launched NFTiff, but Punk holders who own an NFTiff can also redeem it for a custom pendant.

On Monday, the trading volume of CryptoPunks, one of the sector’s most popular nonfungible token (NFT) collections, surged by 1,847% over 24 hours. Over $1,226.68 Ether (ETH) worth of Punk NFTs was traded during that time. The surge in interest appears to be tied to luxury jewelry retailer Tiffany & Co. launch of its own NFT collection, which has a special perk for Punk holders.

Dubbed “NFTiffs,” the collection consists of 250 digital passes. Anyone can purchase NFTiffs, which are minted on the Ethereum blockchain. However, CryptoPunk holders can redeem the NFT for a customized-jewelry experience. After purchase, Punk holders can elect to receive a custom-designed pendant and an NFT digital artwork that resembles the final jewelry design. These are crafted by the company’s in-house artisans and inspired by the Punks NFT collection.

Depending on the color palette of the Punk NFT, Tiffany will create pendants using at least 30 gemstones such as sapphires, amethyst, spinel and diamonds with its frame in 18karat rose or yellow gold. Buyers will receive a rendering of their piece by October, with anticipated physical delivery in 2023.

Each NFTiff will cost 30 Ether, which covers the cost of the NFT, custom pendant and chain, as well as shipping and handling. There is a limit of three passes per customer, with the sale commencing on Aug. 5 at 10:00 am and a redemption deadline of Aug. 12 at 9:00 pm Eastern Time.

At the time of publication, CryptoPunks have a floor price of 74.75 ETH, meaning that jewelry enthusiasts must pay around $125,000 for a Punk NFT on top of 30 ETH for an NFTiff if they wish to participate in the custom jewelry experience.

Tiffany & Co turning CryptoPunk NFTs into $50K custom pendants

The customized pendants are set to cost 30 ETH a pop and will go on sale on August 5.

Luxury jewelry brand Tiffany & Co has announced the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk nonfungible token (NFT) holders.

The handcrafted CryptoPunk pendants were announced by the jewelry brand on Sunday on Twitter, and are priced at 30 Ether (ETH), equivalent to $50,600 each at the time of writing.

We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4

— Tiffany & Co. (@TiffanyAndCo) July 31, 2022

According to an NFTiffs FAQ page, the NFTiff token sale is set to launch on August 5 at 2:00 pm UTC, and will only be available for purchase NFTiff tokens via its website.

Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to mint a customized pendant. There are 87 different attributes and 159 colors that can be used to custom design the pendants, and the pendant itself will be composed of 18-Karat rose or yellow gold, based on the color palette of the NFT.

Should all the limited edition pendants sell out, Tiffany & Co stands to make 7,500 in ETH, currently $12.7 million at the time of writing.

The campaign was first promoted by Tiffany & Co vice president Alexandre Arnault, who owns CryptoPunk #3167 in April. In a tweet, Arnault revealed his new rose gold and enamel CryptoPunk, which was transformed with a new sapphire and Mozambique-colored set of glasses and a yellow diamond round earring.

When punks go wild at @TiffanyAndCo

#3167

Rose gold and enamel Cryptopunk.

Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.

LFG! pic.twitter.com/M2c8AmwU0R

— Alexandre Arnault (@alexarnault) April 7, 2022

Community reacts

The crypto community on Twitter appears largely excited about the new NFT offering from the luxury jewelry brand.

Twitter user markfidelman, chief marketing officer of SmartBlocks Agency, called the NFT project an “incredibly tasteful activation,” adding:

“More Web2 firms looking to dip their toes in Web3 need to be learning from the quality of this $NFTiff offering and taking notes.”

This is actually a really excellent way to enter the NFT space. Very much “on brand”

Lots of people hate Tiffany’s and think they’re overpriced (they kinda are, you’re paying for the brand and packaging).

But there’s clearly a market for them — and this suits that market

— Zeneca_33 (,) (@Zeneca_33) July 31, 2022

The jewelry company first ventured into NFTs in March when they purchased an Okapi NFT from contemporary artist Tom Sachs for $380,000. Tiffany & Co have since set the rocket-styled NFT as their profile picture on Twitter.

On April Fools’ Day, April 1, Tiffany & Co also produced TiffCoins, a limited-release of 400 18-karat gold coins with the company logo individually engraved on each coin.

Luxury brands are no strangers to the crypto space, with many beginning to accept crypto as payment, such as Gucci, Balenciaga and Farfetch.

Last April, Louis Vuitton, Cartier and Prada joined forces to launch Aura, a consortium blockchain that will utilize NFTs so that high-end shoppers can authenticate goods, track products and materials and also fight counterfeits.