Tiffany has released NFT, and it also comes with a physical gem pendant

The NFT issued this time is called NFTiffs, which is the first NFT product launched by Tiffany & Co. Tiffany’s tweet shows that this release will be limited to 250 pieces, priced at up to 30 ETH, and only available to CryptoPunks holders.

The NFT issued this time is called NFTiffs, which is the first NFT product launched by Tiffany & Co. Tiffany’s tweet shows that this release will be limited to 250 pieces, priced at up to 30 ETH, and only available to CryptoPunks holders.

Affected by the news, the trading volume of the CryptoPunks series of NFTs rose, with a 24-hour increase of 1024.43%, rising to the first place in trading volume. The current floor price is 74.89 ETH. (It turns out that so many people paid 75 ETH in advance to rush to spend 30 ETH of NFT...)

It is reported that NFTiffs is a pendant NFT series based on CryptoPunk, and each customer can purchase up to 3 NFTiffs.

In addition, Tiffany also provides a corresponding physical version of this NFT pendant. However, the delivery date of physical goods is more distant, and the expected delivery of physical goods is expected to be in early 2023.

According to Tiffany, the pendants used to create custom designs use a large number of CryptoPunk design elements, including 87 attributes in the CryptoPunk NFT collection, and convert the 159 colors in CryptoPunk into the most similar gemstones or enamel colors. The pendant will use at least 30 gemstones including but not limited to sapphires, amethysts and spinels.

Although the NFT has not yet been issued, Tiffany has announced its contract address, so we can keep an eye on it.

The NFT contract address is as follows: 0xe8f88d16f24255FcFab25959705D724406D67D9d

The NFT will be sold to all eligible users starting at 10:00 am EST on August 5th. At present, you can see a striking countdown interface at the purchase entrance. NFT will not be airdropped, and all NFTs must be obtained through purchase.

This is not the first time Tiffany has entered the NFT field. As early as March this year, Tiffany posted on social media announcing the purchase of Okapi in the Tom Sachs Rocket Factory (Rocket Factory) series of NFTs, officially entering the NFT field. Then Tiffany set Okapi as a Twitter avatar, and it has been used to this day.

secondary title

The technical service provider behind Tiffany

Interestingly, this NFT issuance was not done independently by Tiffany. The bottom layer of this NFT issuance is not the public chain we are familiar with. You can see the words "Powered by Chain" at the bottom of the project's official website. The Chain company provides a series of basic support for this NFT issuance project.

Chain provides customers with "NFT-as-a-Service" (NFT-as-a-Service), that is, from initial design, customization to code deployment, through end-to-end services, to help customers launch customized NFT products. Although we can't know the specific details of the cooperation between Tiffany and Chain, we may speculate that Chain will complete more work in this NFT issuance, rather than the brand side "handing down".

secondary title

Luxury brands flock to Web3

Whether it is for marketing purposes or to expand upstart customers, it is not new for luxury brands to enter the Web3 field and test the water NFT, especially since Tiffany has been acquired by LVMH Group for a year, and the luxury giant has also been testing the water NFT field.

In April last year, LV, Cartier, and Prada jointly launched Aura, which is based on the blockchain network, using NFT to identify and track goods, and to combat counterfeit products. LV has also launched NFT mini-games and set up a metaverse virtual ambassador.

In May of this year, the Italian luxury brand Gucci announced that it will start accepting 12 cryptocurrencies for payment in five stores in the United States, and plans to gradually expand this service to the United States, and plans to conduct more extensive promotion in the future. In addition, Balenciaga, Farfett, and Off-white have also successively launched cryptocurrency payment services.

In addition, the luxury brand FENDI has also designed exclusive leather bags for Ledger. This is the first time that a luxury brand has designed exclusive products for hardware wallets, targeting consumer groups precisely at crypto users.

There is no doubt that the wave of Web3 and encryption has intensified in the world of luxury goods, and where it will eventually go remains to be tested by time.