Tiffany announced yesterday that she is releasing her first NFT. The luxury brand has set itself the goal of taking NFTs to a new level. So soon all CryptoPunks owners will be able to have their CryptoPunk NFT turned into a custom-made pendant, handmade by Tiffany & Co employees. In addition, buyers will receive an NFT version of the trailer.
What is an NFTiff?
NFTiffs represent a collection of 250 NFTs offered by Tiffany. When a buyer acquires an NFT, he can redeem it for a specially designed follower of a cryptopunk. The pendant is designed and made by the artisans of Tiffany & Co. The composition of the material looks like this:
The pendant will be made of 18k rosé or yellow gold, based on the color palette of the NFT. The rosé and yellow gold perfectly complements the base color of each type of dot. The lighter primary colors and the alien background will consist of 18R, and the two darker primary colors will be made with 18Y.
Each pendant will have at least 30 stones. The stones may contain precious stones and/or diamonds. The carat weight per piece will vary depending on the attribute.
Most designs contain pearl set diamonds and/or round cut gemstones. Selected custom pendants include fancy stone shapes. To create the 3D glasses, for example, Tiffany designers will use baguette stones.
The CryptoPunk colors are represented as accurately as possible with the natural colors of various gemstones.
The pendant also includes an 18K gold adjustable chain inspired by the shape of square pixels. The bracket (connecting device to the trailer) allows a fluid movement of the trailer and is accented with 5 paving diamonds.
In total, a maximum of 250 NFTiffs are sold, of which the maximum order quantity is limited to 3. The Tiffany NFT in conjunction with the pendant costs 30 ether. This corresponds to the current Ethereum price of $ 1650 about $ 50,000. The start of sales is on August 5.
This is what the CryptoPunk trailer might look like later
Review – Are NFTs Being Misused by Tiffany as a Marketing Tool?
Even before the release of the NFTs, the criticism on social media is immense. Above all, the requested price of $ 50,000 stands out here. So the Twitter user tweeted “Greg” if they didn’t mean $ 30 instead of the required 30 eth.
I’m guessing you mean $30 and not 30 ETH, right?
– greg (@greg16676935420) July 31, 2022
However, this is no longer a special case. Because the future of NFTs clearly points in one direction. NFTs are used as a marketing tool to sell real items often more expensive. The actual value of the NFT is lost and the NFT only serves as a marketing object. The luxury brand Tiffany are not the first to take advantage of the hype and apply this principle. It remains to be seen whether and for how long this principle will work. Calling up such prices, especially in a bear market, is not well received by the community.
In addition, however, the target group for the NFT must also be kept in mind. Tiffany is aimed exclusively at the luxury segment and therefore only appeals to a few people. It is therefore of the highest priority to create exclusivity and not to make the products available for everyone. Whether a price of 30 ether justifies this concept, it is certainly debatable, we will see it no later than August 5. And if Tiffany really sells 250 NFTs of 30 ether each, that’s probably the fastest $12 million the company has earned.