Tiffany & Co. Teases NFT Drop
Luxury jeweler Tiffany & Co. teased NFTiff, an exclusive NFT drop most notably for CryptoPunk NFT owners.
The drop is scheduled to take place on August 5, at 10:00 a.m. ET according to a countdown timer listed at nft.tiffany.com.
Starting at 10:00 a.m. ET on Friday, up to 250 NFTs may be minted by for 30 ETH (~$51,000) each. A single user can purchase up to three NFTiff NFTs.
What Is an NFTiff NFT?
An NFTiff NFT is a digital pass that enables the holder to redeem it for a physical and digital pendant that matches the likeness of a CryptoPunk NFT. Each physical pendant will be handcrafted and custom to the Punk it is redeemed against. Each physical pendant will have at least 30 gemstones and/or diamonds.
Earlier this year, Tiffany & Co. VP Alexandre Arnault used his CryptoPunks' likeness to create a Tiffany pendant matching the above description.
It is not required to own a CryptoPunk NFT to purchase the NFTiff NFT, however, only CryptoPunk NFTs will be eligible for the custom redemption of the physical pendant.
How Do You Redeem an NFTiff?
In order to receive the physical CryptoPunk pendant, users that hold an NFTiff will need to redeem their NFT via a portal on the nft.tiffany.com website after the completion of the sale.
Users must redeem their NFTs by August 12 at 9:00 p.m. ET if they wish to receive the physical pendant. The matching physical pendant is expected to ship to users in early 2023, though a formal date has not yet been shared.
If you wish to redeem a CryptoPunk that is held in cold storage, Tiffany's has provided an option for offline signing, proving ownership of your CryptoPunk NFT.
Tiffany & Co. does have some experience in web3 already. The company boasts a complete Tiffany-branded rocket NFT from Tom Sach's Rocket Factory, purchased for 115 ETH ($196K) on March 21, 2022, as its profile picture on Twitter.