Since the complete sellout, the floor price of Tiffany NFTs has dropped from the sale price. The current floor price is now about 27 ETH or $46,000.
American luxury retail jewelry retailer Tiffany has sold out all 250 NFTs, called “NFTiffs.” The specialty retail company sold the digital assets within 20 minutes of its debut on the 5th of August. NFTiffs are a limited collection of 250 custom jewel-encrusted pendants for CryptoPunk holders. Launched in 2017 by Larva Labs studio, CryptoPunk comprises 10,000 24×24 pixel art images generated algorithmically.
Based on the requirement, everyone who bought a Tiffany NFTs already owned a CryptoPunk. Upon purchase, Tiffany designers will create a customer pendant based on the buyer’s CryptoPunk. According to the jewelry retailer, each piece will be in 19-karat gold, featuring a minimum of 30 gemstones and/or diamonds. The price for each NFTiff is 30 ETH, equaling about $50,000, and this pulled in $12.5 million in revenue for the company.
CryptoPunk’s brand lead, Noah Davis, discussed the benefits of owning an NFT. He said non-fungible tokens give authentic entry on the blockchain that cannot be faked, copied, or destroyed. Davis also mentioned the permanent nature of NFTs, stating that owning one is essential for this computer age.
Tiffany Sells All 250 NFTs
Tiffany’s NFTiffs are powered by blockchain technology firm Chain, and buyers can redeem them by the 12th of this month. According to the website, buyers could buy no more than three NFTiffs. The company will make deliveries of the physical goods in early 2023, including a custom pendant and a chain, certificate of authenticity, and signature Tiffany & Co. packaging.
Since the complete sellout, the floor price of Tiffany NFTs has dropped from the sale price. The current floor price is now about 27 ETH or $46,000. Chain CEO Deepak Thapliyal commented on the Tiffany NFTs sale in a tweet. The CEO said:
“The Tiffany & Co. team has a clear and forward thinking vision into Web3 thanks to [Alexandre Arnault]. They created a memorable piece of history with the Tiffany-stamped Punks digital & physical drop. It was a honor working on this & I can’t wait to see what the future holds.”
The Tiffany NFTs launch is another indicator of the increasing relationship between luxury brands, crypto, and NFTs. Gucci said in May that customers would soon be able to pay for goods using cryptocurrency. The luxury brand will start the pilot project within select locations like Los Angeles, Atlanta, New York, Miami, and Las Vegas. According to Gucci, customers can pay with Bitcoin and Ethereum, including five USD-pegged stablecoins (BUSD, GUSD, USDC, DAI, and USDP).
Davis added that luxury brands must enter the virtual world while it is still in its early stage. He said this would give an edge in this digital era.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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