Tiffany and Co., a high profiled jewelry-making company have made its entry into the cryptocurrency space via non-fungible tokens. The company revealed that the necklace and pendant will be based on NFT and the jewelry will be produced in a limited edition.
Tiffany’s entry and infusion of jewelry, pendants, and others into the cryptocurrency/NFT space is a new feat. The cryptocurrency industry space is gradually finding its way and relevance into all important aspects of human day-to-day life.
Tiffany and Co. Set to Unveil First NFT Collection
The jeweler company announced its new feat and entry into the NFT space on Sunday, where the CEO stated that the NFTS will be produced. The company is looking forward to making CryptoPunk non-fungible-tokens into necklaces and pendants in a limited edition.
The jewelry; Pendants and necklaces will contain diamonds, and gemstones for the CryptoPunk token buyers, users, holders, and investors. However, the announcement wasn’t detailed as the company only mentioned converting CryptoPunk NFT to pieces of jewelry for their holders.
The idea for the NFT pendant and jewelry started with Tiffany and Co, CEO. Alexandre Arnault. Alexandre happens to be the owner of a CryptoPunk NFT, which he converted to jewelry.
After the handcrafting process and all, the pendant was posted on the company’s social media platform. The response to the social media post was high and overwhelming with people showing interest in the jewelry. Alexandre remained silent since the creation of the pendant only to make an announcement of producing the NFT turned pendant in a limited edition.
Availability and How to Purchase the Jewelry
The pendants/necklace will be available in limited editions for CryptoPunk NFT holders, which will be certified to use the jewelry. The pendants will be produced by Tiffany and Co. in collaboration with a blockchain network company. The blockchain company named Chain will work together with the jewelry firm to create a new non-fungible token.
The new token, NFTiffs will be launched on the 5th of August by both companies. The NFTiffs will be available for purchase for CryptoPunk users. The NFTiffs will cost approximately 30 Ethereum for all eligible CryptoPunk users.
Once the NFTiffs are purchased with 30 Ethereum, they will get certified to have the custom edition, after which the artisans will start the crafting process. The Shipping fee, production cost, pendant, and other fees are all included in the 30 ETH price. Once the NFT is minted and crafted it will be shipped to the owners.
Chain blockchain company CEO, Thapliyal Deepak stated that the jewelry will be handcrafted by experienced artisans that will model CryptoPunk collections to create designs with gemstones and diamonds. Although], the jewelry may only be available for only CryptoPunk whales and holders that purchase the newly launched NFTiffs.