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CryptoPunks' trading volume surges 1,847% after Tiffany & Co. launches exclusive NFT collection

Tiffany & Co. offers crypto lovers around the world to get an exclusive NFT themed pendant made of 18 karat gold

Published: Aug 2, 2022 03:36:48 PM IST

Image: Tiffanys

Tiffany & Co., a USA-based luxury jewellery and speciality retailer, announced its plans to sell 250 non-fungible token passes called 'NFTiff.' Following this announcement, the trading volume of CryptoPunks, one of the sector's most popular non-fungible token (NFT) collections, increased by 1,847 per cent in 24 hours on Monday. According to reports, CryptoPunks has seen a trading volume of 1,400 ETH (approximately $2.3 million) in the last 24 hours. Punk Vault, a token that investors can buy to gain exposure to the value of a larger CryptoPunks collection, is also up 5 per cent in the last 24 hours.

Earlier in April, Alexandre Arnault, Executive Vice President of Product and Communications of Tiffany & Co, asked on Twitter:

"Shall we custom make @TiffanyAndCo CryptoPunk pendants available for CryptoPunk owners to order for 1 week?"

And now, for around $50,000 or 30 ETH, CryptoPunk holders can get a handcrafted pendant modelled after their NFT (non-fungible token) from Tiffany & Co. Tiffany announced its NFTiff launch on July 31. The brand said, "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," in a public announcement on Twitter. The price of each NFTiff includes the price of the NFT, the custom pendant, the chain, as well as shipping and handling charges.

NFTiffs can be purchased by anyone over the age of 18 who is not from an OFAC-sanctioned country. They are minted on the Ethereum blockchain. CryptoPunk holders, on the other hand, have the exclusive option of receiving an NFT digital artwork that resembles the final jewellery design. Punk holders can also redeem their NFT to get a personalised jewellery experience.

Tiffany & Co. designers will interpret each CryptoPunk into a custom-designed pendant, 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 will create pendants with at least 30 gemstones such as sapphires, amethyst, spinel, and diamonds with an 18karat rose or yellow gold frame, depending on the colour palette of the Punk NFT. The frame will complement the base colour of each punk style. The two lighter base colours and the alien will be 18R, while the zombie and ape will be 18Y.

The majority of designs will incorporate bead set round cut pave diamonds and gemstones. Custom pendants with fancy stone shapes will also be available. Each customer is only allowed to buy three NFTiffs. Tiffany's NFTiffs will be available for purchase on August 5, 2022, at 10:00 a.m. (EST). The redemption period ends on August 12, 2022, at 9:00 p.m. (EST). By October 2022, buyers will receive a rendering of their piece. However, they can expect the physical delivery to take place in early 2023.

Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.