Tiffany & Co. are to turn CryptoPunk NFTs into custom pendants for a mere $50,000 each. Dubbed NFTiff, customers can transform their CryptoPunk NFTs into their very own “bespoke pendant handcrafted by Tiffany & Co artisans.
Launching in two days, NFTiff is a “collection of 250 digital passes,” specifically designed for the project. Since the maximum number of pendants is 250, customers are capped at purchasing three.
Each pendant will be interpreted by a Tiffany & Co. designer and produced using gemstones and enamel.Tiffany & Co.
The pieces are exclusive to holders of CryptoPunk NFTs, of which there are 10,000 available on the Ethereum blockchain. Each 24×24 “pixel art image” is generated algorithmically.
A gem-encrusted pendant from Tiffany & Co. will cost 30 ETH, or nearly $50,000, which includes the creation of the piece as well as the shipping and handling.
Each pendant will consist of gemstone and enamel that will closely mimic the 87 attributes and 159 colours that appear in CryptoPunk NFTs.
Depending on who purchases the pendant and which NFT they own, Tiffany & Co. designers will use some 30 gemstones and/or diamonds to craft the custom pendant, producing a render for the customer by October.
But clients may have to wait until 2023 to receive the physical pendant, but the digital copy will be available as soon as it’s finished.
The presale opens this Wednesday morning, when 100 NFTiffs will become available. The rest will go on sale from August 5 to 12.