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By CNBCTV18.com Aug 2, 2022 4:16:56 PM IST (Published)
The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain.
Tiffany & Co. is taking the NFTs to the next level with handcrafted "CyrptoPunk" pendants at a striking price of about $50,000 (approx. Rs 40,00,000), which is equal to 30 Ethereum.
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If you think the cost of the pendant is high, the cost of a CryptoPunk NFT is close to $200,000 and there are only 10,000 unique designs.
The American luxury jewellery and speciality retailer is launching what the brand is calling “NFTiffs”. These are a collection of 250 digital passes that can be purchased and redeemed by CryptoPunks holders for the creation of a custom-designed pendant and an NFT digital artwork that resembles. The pendant will have at least 30 gemstones and/or diamonds to match the colours present in the pixellated avatar.
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
According to Tiffany, artisans will interpret each CryptoPunk into custom-designed pendants — converting the 87 attributes and 159 colours that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel colour.
Tiffany & Co.’s EVP, Alexandre Arnault, showed off his custom pendant on Twitter that exactly matched his Crypto Punk Twitter profile picture.
When punks go wild at @TiffanyAndCo
#3167Rose gold and enamel Cryptopunk.Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring.LFG! pic.twitter.com/M2c8AmwU0R— Alexandre Arnault (@alexarnault) April 7, 2022
The pendant will be on an 18k gold adjustable chain between 18”-20”-22” of rectangular links, which take inspiration from the shape of square pixels. The bail (connective device to pendant) is accented with 5 pave diamonds.
The brand entered the NFT space earlier in March while also announcing its acquisition of "Okapi" by Tom Sachs Rocket Factory, a trans-dimensional manufacturing plant.
We are pleased to announce our acquisition of "Okapi" by @tsrocketfactory, marking our entry into the NFT space. #TiffanyAndCo pic.twitter.com/t00vBqerr6
— Tiffany & Co. (@TiffanyAndCo) March 27, 2022
The sale for the NFTiffs will start on August 5 at 10 am EST (7.30 pm IST) for all eligible users. The pendant is expected to ship in early 2023 but the digital artwork will be available for buyers to view once the final rendering of the product is complete.
The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain.
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