Luxury brand Tiffany & Co. is ready to ride the non-fungible token (NFT) wave.
The company announced the launch of NFTiffs in a bold move to reach young and wealthy collectors.
The collection will be available through CryptoPunks — one of the early pioneers of NFT collections — on Friday, Aug. 5.
To no surprise, NFTiffs’ selling price is quite hefty, as only 250 NFTs will be up for grabs. The selling price is $50,000 (30 ether) and each customer can purchase up to three NFTs.
“These clients obviously skew a bit younger than our [classic] client base. It’s an anonymous [population], it’s not like you know who owns what, but what we generally understand is that they are younger and very affluent, a lot of them made large amounts of money in the crypto sphere. People need to understand that a lot of the things in their world are linked to luxury like desirability, scarcity, trends — they understand the ups and downs,” said Tiffany & Co. Executive Vice President for Product and Communication Alexandre Arnault, according to WWD.
Holders will obtain a custom-designed pendant and an NFT digital artwork reflecting the final jewelry design. Each pendant will be in 18-karat rose or yellow gold. In addition, pendants will include at least 30 stones and a chain with rectangular links emulating pixels.
“What is exciting for people is that you can hold an NFT but you can’t see or experience anything with them. At Tiffany, we are giving them the opportunity to turn [a Cryptopunk] into a piece of jewelry made by hand with the upmost craftsmanship,” Arnault said.
Holders should expect their digital NFT by December and their physical jewelry by early 2023.