Luxury American jewelry brand Tiffany and Company has plans to unveil a new non-fungible token, or NFT, collection this week featuring virtual and physical pendants designed for owners of CryptoPunks.
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Launching on August 5, the collection has been dubbed "NFTiff," with each of the 250 NFTs valued at a price of 30 Ethereum (equivalent to more than $51,000 at today's price). Many of the NFTs will bear a striking resemblance to existing CryptoPunk digital collectibles, as the company offers "bespoke pendant handcrafted by Tiffany & Co. artisans."
The infrastructure behind NFTiffs is powered by a blockchain company called Chain, which has raised more than $40 million from Visa, Citigroup, Orange and other investors.
The custom NFTs are just the latest Web3-related venture for the jeweler. Earlier this year, Tiffany and Company spent $380,000 on an Okapi NFT from the American artist Tom Sachs, which it now uses as its default Twitter picture.
On April Fools' Day, the jeweler unveiled a limited-edition set of 499 gold TiffCoins, which were engraved. “These very real limited-release 18k gold coins are a modern version of our Tiffany Money and celebration of our history,” the brand said after dismissing rumors it was starting its own cryptocurrency. During the same month, it also showed off a pendant that looked like CryptoPunk #3167, owned by the company’s executive vice president of products and communications, Alexandre Arnault.