Tiffany & Co is Turning NFTs into Personalized Pendants, Worth Millions!
Now you can own millions worth of NFTs in the form of personalized pendants from Tiffany & Co!
Can it be described as a blessing in disguise? When the non-fungible tokens (NFTs) are going through a bad (some would say, terrible) phase in terms of their steady decline in the market value, a very innovative mode has been found to resurrect them. It is through making limited edition personalized pendants out of them to make digital assets in the NFT marketplace. The company which is doing it boasts that through this act it is taking the NFTs to the “next level”— the famous Tiffany & Co.
Tiffany and Co. is a name to reckon with in the world of luxury jewelry and when it announced the sale of no less than 250 diamond and gemstone encrusted pendants for CryptoPunk NFT holders, it immediately caught the attention of many. Around 87 different attributes and 159 colors are being offered to custom design the pendants. The pendant will be composed of 18-Karat rose or yellow gold, based on the color palette of the NFT as valuable digital assets. The pendants are priced at 30 ETH each, which is slightly more than US$50,000. An NFTiffs FAQ page mentions that the NFTiff token sale will only be available for purchase NFTiff tokens via its website. Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to mint a customized pendant. There is a rider too. Clients may have to wait until next year to physically receive the pendant through the digital asset copy.
The man who spearheads the promotional campaign, Alexandre Arnault, is not just the vice president of Tiffany & Co. but also the proprietor of CryptoPunk #3167. He tweeted that his new rose gold and enamel CryptoPunk is transformed with sapphire and Mozambique-colored baguette Ruby glasses and yellow diamond round earrings as personalized pendants. Some proud owners have high praises and claim that while Tiffany and Co. have often come under criticism for overpriced products, the brand value it offers more than compensates for it and that it is a “wise” move to capture the market. It obviously means that they are ready to pay the price for the product. There are, however, some critics who think that it is a clever ploy to make a profit out of a false or misleading projection of the importance of the personalized pendants in a volatile crypto market.
Tiffany & Co. on their part has the rocket-styled NFT as their profile picture on Twitter to be promoted in the NFT marketplace. And why not? If the personalized pendant move succeeds and all the customized and attractively packaged blue-boxed pendants are sold out the company will earn 7500 ETH, which is equivalent to US$12.7 million. Tiffany incidentally made the foray into this kind of business with TiffCoins, which was described as their homage to “Tiffany Money” and a way to celebrate the companies. TiffCoins, available only in the US, Canada, UK, and Australia, were strictly limited to 499 coins, individually engraved and numbered as digital assets.
Tiffany & Co. is not the first one to experiment with crypto amidst its uncertain future. Adidas, Coca-Cola, Gucci, Balenciaga, Louis Vuitton, Cartier, and many more reputed firms have been its predecessors in seeking to cash in from the crypto domain. But the personalized pendant business seems to be a cool venture in the new NFT marketplace.