Tiffany is selling custom CryptoPunk pendants for AED183,655

Tiffany & Co quickly sold out a limited collection of 250 custom jewel-encrusted pendants for holders of CryptoPunks, a popular early non-fungible token collection.

CryptoPunks was launched in 2017 and consists of 10,000 unique 8-bit-style generated characters stored on the Ethereum blockchain. The collection is “essentially the cave paintings of Web3 art. We’re talking about the earliest successful, and enduringly so, community-based NFT project,” said Noah Davis, CryptoPunks’ new brand lead and former head of digital sales at Christie’s said. 

Tiffany sold 250 “NFTiffs,” digital passes which can be minted and redeemed for custom-designed CryptoPunks pendants and a matching NFT art piece. To buy an NFT, customers had to already own a CryptoPunk of their own.

For each NFTiff purchased, Tiffany designers will create a custom pendant based on the buyer’s CryptoPunk. Each CryptoPunk has a unique combination of 87 attributes like a medical mask, a hat, or an earring, and 159 colours which will be reflected in the pendant. Each piece will be rendered in 18-karat gold and feature at least 30 gemstones and/or diamonds, Tiffany said.

Each NFTiff, which provides access to a pendant and a matching NFT digital rendering, costs a pretty penny: 30 ETH, or around $50,000.

Davis, CryptoPunks’ brand lead said the Tiffany pendants are just one iteration of possible projects tied to the NFTs.

“Owning an NFT means that you own an entry on the blockchain. It’s an indelible entry that can never be modified fraudulently, cannot be faked, cannot be copied, cannot be destroyed. It’s there forever. Owning an NFT is a really powerful thing for the digital era,” Davis explained. 

The Tiffany pendants “perfectly illustrate the license that’s coming out. In this instance, owners of Cryptopunks are essentially commissioning Tiffany’s to create new IP out of their CryptoPunk, and that new IP is a pendant. You have to own the CryptoPunk in order to own the IP for the pendant. If we are heading into an era where the virtual world is going to become more important and essential to our lived experience, owning virtual goods is going to be that much more valuable,” said Davis. “To get an edge on that, for these luxury companies to enter the space now when we are really still early, it’s brilliant and it makes perfect sense,” said Davis.

Source: Agencies Custom cryptopunk pendant tiffany Custom cryptopunk pendant tiffany