American luxury jewelry retailer Tiffany & Co is moving Cryptopunks from the blockchain to gold chain with the launch of 250 customized pendants for the collection.
Each Cryptopunk pendant, which includes at least 30 diamonds or gemstones and will come on an 18k adjustable gold chain. The product – dubbed as NFTiff – will be exclusively available for Cryptopunk NFT holders.
“Tiffany & Co. 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,”
says the FAQ section of the official site.
NFTiffs are scheduled to launch on August 5 in the form of NFTs redeemable for physical jewelry at the company’s stores. Tiffany has priced the pendant necklace for a whopping 30 Ether or approx $50,000 a pop.
A Cryptopunk owner can purchase a maximum of three NFTiff tokens. If the limited edition collection completely sells out, Tiffany stands to gain 7500 ETH or around $12.7 million.
Alexandre Arnault, the company’s vice-president – who himself holds CryptoPunk #3167 – is understood to be behind the campaign. He also teased his Cryptopunk’s transformation into a pendant back in April.
The community had mixed reactions to the news; some criticized the high price while others appreciated the effort.
Tiffany & co first ventured into the NFT space by purchasing an Okapi NFT from contemporary artist Tom Sachs for reportedly $380,000. Since then, the company has set the rocket-themed NFT as a profile picture on Twitter.
Following the announcement, the sales volume of the Cryptopunks collection surged over 200% in the past 24 hours, according to Cryptoslam data. The floor price has jumped to 73.5 ETH, at the time of writing, from 69 ETH.