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.
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.eth ⛓ (@dt_chain) August 6, 2022