Just days after launch, Tiffany’s CryptoPunk NFTs have already been ‘flipped’
According to on Chain Data, Tiffany’s non-fungible token trading has fallen to record lows. However, NFTiffs (nicknamed Tiffany’s NFTs) are being flipped for profit at a time when NFT is struggling.
One user seems to have resold the Tiffany x Pink NFT at 55 Ethereum, more than 80% higher than the price at mint.
Tiffany’s revealed its NFTiff collection earlier this week. It was exclusively designed for the CryptoPunk NFT community powered by Chain blockchain solutions company. Alexandre Arnault is the son of Bernard Arnault (billionaire LVMH chairman) and was a CryptoPunk holder. He also helped to spearhead this project.
These tokens are available in 250 denominations. CryptoPunk holders have the option to purchase a custom pendant with NFT artwork using these tokens. Passes cost 30 Ethereum or $50,000. Customers can buy up 3 passes from one wallet.
The company invited 100 punks to purchase their passes early. However, it is not clear how this was done. Chain reached out to media representatives, but they declined to comment when The Block reached them.
Data compiled by Dune shows that the most common NFTiff-holding Punk trait is an earring. Seven NFTs of 100 were found to have this trait.
Tomorrow, the remaining 150 NFTiffs will be available for purchase.