UK jewelry firm Tiffany & Co launched its exclusive NFT-backed pendants on August 1, 2022. Making good on the announcement made on Monday, Tiffany unveiled the collection last Friday, only to see every NFTiff getting sold within the first 20 minutes.
Each NFTiff— which happens to be a redeemable digital pass comprising the NFT, the physical pendant, the chain, and overheads— was sold for $50,000 (about 30 ETH). As of now, each NFT is trading at a minor 8% deficit or $46,000 (about 27 ETH), to be exact.
The frenzied NFT sale did come as a surprise, especially when July saw a 30% dip in the NFT marketplace action compared to June figures. Also, the sale generated close to $12.5 million for the company in revenue.
What’s next?
As reported in Switch last week, NFTiffs give the CryptoPunk holders exclusive rights to convert each purchased NFT into a physical pendant. According to the information available on Tiffany’s website, owners must redeem the NFTiff passes by August 12, 2022.
Once redeemed, the custom physical pendants are to be delivered to buyers by early 2023. However, if owners flip the NFTiff before the pendant is shipped, they will lose the eligibility to receive it.
What are buyers doing with their NFTiffs?
According to the data available at NFTGo (a reputed tracker for NFT marketplaces), people are actively trading their NFTiffs. The 24-hour trading volume is close to 1.06 million, up by 67%. Despite the minor dip in the floor price on Saturday, the flippers have pushed the same back to the 30 ETH level.
Deepak Thapliyal, the CEO of Chain, has also appreciated Tiffany & Co.’s vision. Tiffany has partnered with Chain to launch its forward-thinking NFTiff collection.
The Tiffany & Co. team has a clear and forward-thinking vision into Web3 thanks to @alexarnault. They created a memorable piece of history with the Tiffany-stamped Punks digital & physical drop. It was a honor working on this & I can’t wait to see what the future holds ⛓💎🖼
— Deepak (@dt_nfts) August 6, 2022
FAQs
How long does an NFT last?
NFTs are typically stored on a blockchain indefinitely, meaning they can theoretically last forever as long as the underlying blockchain exists.
How much does it cost to transfer an NFT?
The cost to transfer an NFT varies depending on the blockchain network it’s on and current network congestion. Ethereum-based NFT transfers can range from a few cents to several dollars in gas fees.
What are the rules of NFTs?
The rules of NFTs can vary but generally include ownership rights, copyright laws, and terms set by the creator or platform. Buyers must abide by these rules, and creators may receive royalties upon resale.
Can you sell an NFT more than once?
Yes, NFTs can be sold multiple times as they represent ownership rights to a digital asset. Each sale is recorded on the blockchain, and ownership can change hands with each transaction.
