The NFTiff is available for purchase by anyone, but only Punks who have one can redeem it for a custom pendant.
The trading volume for CryptoPunks, one the most well-known nonfungible token (NFT), collections in the sector, jumped by 1,847% within 24 hours. Over $1,226.68 Ether worth of Punk NFTs were traded during this period.
This increase in interest is likely due to Tiffany & Co. launching its own NFT collection, which offers a perk for Punk owners.
The collection is called “NFTiffs” and includes 250 digital passes. NFTiffs can be purchased by anyone. They are issued on the Ethereum blockchain. CryptoPunk holders have the option to redeem their NFT for custom-made jewelry.
Punk owners can choose to have a custom-designed pendant or an NFT digital art that closely resembles the final piece of jewelry. These pieces are made by Punks NFT artisans.
Tiffany will create pendants from at least 30 gemstones. This depends on the Punk NFT’s color palette. The frame of the pendant is made in 18karat rose, yellow gold, and it can be set with any combination of sapphires or diamonds.
The rendering of the piece will be sent to buyers by October. Physical delivery is expected in 2023.
Each NFTiff costs 30 Ether. This covers the cost for the NFT, custom pendant, and chain as well as shipping. The sale will begin at 10:00 AM on Aug. 5, and end at 9:00 PM Eastern Time on Aug. 12.
At the time this article was published, CryptoPunks had a floor price at 74.75 Ethereum. This means that jewelers will need to pay approximately $125,000 for a Punk FFT, plus 30 ETH for an NFTiff, if they want to take part in the custom-made jewelry experience.