Tiffany is turning CryptoPunk NFTs into jewellery, but it’ll cost you


79
119 shares, 79 points


If you’re one of the many people who doesn’t really get why NFTs (non-fungible tokens) are as expensive as they are, then brace yourself.

On Sunday, luxury jewellery brand Tiffany confirmed that it’s diving into the world of crypto jpegs with a collection of its own, teaming up with CryptoPunks – one of the most popular and expensive NFT projects on the Ethereum blockchain – to release a limited collection called – wait for it – “NFTiff”.

Limited to a supply of 250, NFTiff “transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans” for the bargain price of – deep breaths – 30 ETH.

At the time of writing ETH is trading at around $1,575, which would put the price of an NFTiff at $47,250. An NFTiff is redeemable for a custom-made piece of physical jewellery based on your CryptoPunk NFT, as well as another NFT that replicates the final jewellery design.

Yep, it’s eye-wateringly expensive, but when you put it into context it’s not all that surprising. The last 10 CryptoPunk sales have averaged well over 70 ETH, so owners probably aren’t short of money. For 30 ETH you’re getting a piece of Tiffany jewellery as well as another NFT with a very small supply, which will likely make it highly coveted among cryptocurrency whales.

The pendants themselves will be made from 18K rose or yellow gold and include at least 30 stones, per the Tiffany FAQ. Renders will be ready by October, and the jewellery will be shipped out in 2023.

The sale will take place through Tiffany’s website on Aug. 5 at 10am EST, and there will likely be all sorts of scams floating around, so tread carefully.





Source link


Like it? Share with your friends!

79
119 shares, 79 points

What's Your Reaction?

hate hate
20
hate
confused confused
6
confused
fail fail
30
fail
fun fun
26
fun
geeky geeky
23
geeky
love love
13
love
lol lol
16
lol
omg omg
6
omg
win win
30
win
Daily List

0 Comments

Choose A Format
List
The Classic Internet Listicles
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Story
Formatted Text with Embeds and Visuals
Poll
Voting to make decisions or determine opinions