Luxury jewellery brand Tiffany and Co. is starting the new month with the announcement of its limited edition CryptoPunks necklaces. According to the announcement shared via the brand’s official Twitter page, the collection consists of diamond-plated pendants. The announcement also reveals that there are only 250 editions of these NFTiffs, and that they would only be accessible to CryptoPunk owners.
Tiffany teams up with startup Chain to launch CryptoPunks necklaces
Tiffany and Co. is collaborating with crypto startup Chain, to ensure the success of the launch. And while Chain will handle the backend aspect of the launch, Tiffany will handle the sales.
In all, there is a total of 250 fully customized, diamond-plated necklaces to be sold. And they will each go for 30 ETH (approximately $50,000), with the sales expected to go Iive by August 5. That is according to Tiffany’s website. Also, the website claims that each necklace will contain 30 gemstones and diamonds combined.
But as earlier stated, the CryptoPunk necklaces are only available for CryptoPunk holders. So, holders may purchase the necklaces in NFT forms, and then redeem them for their physical ones.
Meanwhile, it is expected that Tiffany’s will rake in nothing less than $12 million from the sales of the necklaces. In fact, chances are that the brand will even make more profit from resale royalties.
Chain and Tiffany may have been working on the launch for a while now, but the first teaser of the partnership was released in the tweet of Chain’s CEO Deepak Thapliyal sometime last week.
Although, this collaboration spells a forward movement for the overall image of the CryptoPunks collection, it has also caused a bit of a stir. This is as some individuals over at NFT Twitter are criticizing the pendant’s high price. Nonetheless, Tiffany’s is a luxurious brand, and well, luxury is supposed to be for those that can afford it.