Jewelry firm Tiffany & Co. plans to launch NFT-backed diamond and gemstone pendants. The campaign is being rolled out only for CryptoPunk holders. The NFT owners will be able to turn their art pieces into wearable custom pendants.
The company has named it the “NFTiff” campaign (clever wordplay, indeed). The campaign is an example of yet another real-world application of NFTs and seems like a positive step towards greater NFT adoption.
Back in April this year, the campaign was prompted by Alexandre Arnault, the vice president of Tiffany & Co. Arnault, who owns CryptoPunk #3167, offered a subtle teaser of the NFTiff campaign when he converted his NFT into a pendant and shared it on social media.
How will the plan work?
As part of the NFTiff campaign, Tiffany & Co. will release 250 online passes. CryptoPunk holders can purchase and redeem these passes to get a bespoke pendant design. Once the pendant is designed, the holders will get the corresponding NFT.
As of now, each Cryptopunk holder can only purchase 3 NFTiff passes.
How much will each NFTiff cost?
As of now, every NFT is to be priced at 30 ETH, which is close to ₹41,70,810. This is the all-inclusive price. It includes the cost of the NFTiff pass, the custom pendant made of diamond or gemstone, the physical chain, and the shipping/handling overheads.