Tiffany NFT “NFTiff” has a transaction volume of more than $140,000 and a market value of $7.88 million

[TL;DR]

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The new deal from Tiffany appears to have sparked interest in CryptoPunks, according to statistics from CryptoSlam. Over the last seven days, sales reached $9.4 million, a 150% increase over the previous week.Holders will get a customized 18-karat rose or yellow gold pendant and an NFT digital artwork depicting the finished jewellery creation.Alexandre Arnault enthralled his Twitter and Instagram community when he posted a photo of a Tiffany pendant made to look exactly like his Cryptopunk #3167. The community was so impressed with the product, and now about 250 owners of Cryptopunk have purchased the NFTiff pendants.Holders may anticipate receiving their digital NFT by December and their actual jewellery by the beginning of 2023.According to NFTGo, the NFT's floor price is now trading at about $46,000 per unit.
Keywords: ETH, Blockchain, Cryptopunk, Cryptopunks pendant, luxury jewellery, NFT, Tiffany & Co.

What are Tiffany's custom CryptoPunk' NFTiffs'?

NFTiffs are a set of 250 digital passes made available by Tiffany & Co. that may be bought and redeemed by holders of CryptoPunks to produce a unique pendant and an NFT digital artwork that replicates the finished piece of jewellery. The owner of CryptoPunk NFT, a well-known early non-fungible token (NFT) collection made up of 10,000 distinctive 8-bit-style characters that are kept on the Ethereum blockchain, creates the demand for the pendant's design while the construction is done by Tiffany & Co. According to the source, NFTiffs are made into gold, stones, enamel, or Chain.

NFTiffs, the first NFT product offered by Tiffany & Co., is being launched after the company has explored diving deeper into Web3 for months. The pendants were made available only to owners of CryptoPunks. For the sweet price of $50,000 or 30 Ethereum, each NFTiff buyer receives access to an NFT and a jewelled necklace modelled by their CryptoPunk avatar. The price takes care of the cost of the NFT, the customized pendant, the Chain, and shipping/handling.

Although there are over 10,000 CryptoPunks in existence, Tiffany only produced a total of 250 pendants from CryptoPunk, and currently, all are sold off with a price of 30 ETH for each.

Tiffany's NFTiffs Sell Out in 20 Minutes, with a transaction volume of more than $140,000

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Tiffany's "NFTiffs", the digital passes to a glamorous, physical pendant of CryptoPunk, have enjoyed exceedingly robust demand. Last Friday(August 5), Tiffany & Co., an American luxury jewellery company, launched and completely sold out a limited stock of 250 pendants coated with custom jewels that cost $50,000 or 30 ETH apiece. A report from Tiffany & Co. says that it took just 20 minutes for them to sell out. Up to 250 collectors (each able to purchase up to three NFTs) apparently surmounted a huge sum of $12.5 million in revenue for the company.

Statistics from CryptoSlam stated that the unique offer from renowned luxury jewellery and speciality shop Tiffany & Co. for holders of CryptoPunks NFT caused a surge in sales volume of the CryptoPunks NFT collection of over 248% under 24 hours. The pendants include an NFT of the pendant and a certificate of authenticity, producing a high-tech luxury automaton.

"We're taking NFTs to the next level," Tiffany tweeted on Sunday. "Exclusive to CryptoPunks owners, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You'll also access an additional NFT version of the pendant."

An Interesting Concept from Alexandre Arnault.

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The NFTiffs sales were first promoted by Alexandre Arnault, vice president at Tiffany & Co, who owns CryptoPunk #3167. In his tweet, Arnault unveiled his new rose gold and enamel CryptoPunk, refurbished with new sapphire and Mozambique-colored spectacles and a circular yellow diamond earring. The community was so excited about the product they collaborated with Chain to build the program. Now, up to 250 CryptoPunk owners can purchase a pendant produced in the avatar's image.

Tiffany is one of the most prominent brands in the NFT world, and the company announced the debut of NFTiffs with a high bid to reach young and wealthy collectors. According to WWD. Tiffany & Co., Vice President for Product and Communication Alexandre Arnault reported, "These clients obviously skew a bit younger than our client base. We clearly understand that they are younger and very affluent; most of them made huge amounts of money in the crypto space— they understand the ups and downs."

Data from Dune showed that NFT sales decreased in recent months, with June's monthly transaction volume on OpenSea, the biggest NFT marketplace, being less than a third of what it was in May. Meanwhile, information from CryptoSlam shows that the sales of CryptoPunk NFT increased after Tiffany's announcement on Sunday.

NFTiffs are Currently Sold Out

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The combined value of the sale aggregated more than $12.5 million and market value up to $7.88 million for Tiffany. "We are sold out of all 250 Nftiff. Until the next mint," Tiffany tweeted on Friday, suggesting that more NFTiffs may be forthcoming.


The successful bidders will get a rendering of their pendant by the end of October, and the completed item should arrive early in 2023.

While Tiffany quickly sold out NFTiffs, their floor price has plummeted from its sale price. According to tracker NFTGo, the current floor price is about 27eth or $46,000, which could result in a slight loss for its holders. Additionally, there have been resales of NFTiffs, with their trading volume exceeding $1 million within the last 24 hours.

Also noteworthy, Tiffany.com stated clearly that there won't be an airdrop by Tiffany and Chain. Therefore, the purchase of all NFTiffs is required for ownership.

Conclusion

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Although the expected delivery for the physical NFTiffs is next year, the digital version is currently available to view on the Ethereum blockchain. The final shipment from Tiffany & Co. should include; a Custom Pendant on a Chain, a Signature, and a Certificate of Authenticity Packaging from Tiffany & Co.

Moreover, high transactions and the market value recorded during the NFTiff sales clearly depict that crypto fans are willing to invest despite the present bear market, and there are still prospects for high businesses to use digital assets.



Author: Gate.io Observer: M. Olatunji
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