Anyone can buy the newly released NFTiff, but punk holders who already own one can exchange it for their own pendant. Trading volume for CryptoPunks, one of the most popular non-fungible token (NFT) collections in the sector, increased by 1,847% in 24 hours on Monday. Approximately $1,226.68 Ether (ETH) worth of punk NFTs were traded during this period. The surge in demand appears to be tied to the unveiling of Tiffany & Co.’s own NFT collection, which includes a special perk for punk holders.
The collection called “NFTiffs” contains 250 digital passes. Minted on the Ethereum blockchain, NFTiffys can be purchased by anyone. On the other hand, CryptoPunk holders can exchange NFTs for personalized jewelry. Punk owners can choose to receive a custom-designed pendant and NFT digital artwork upon purchase to resemble the final jewelry design. These are made by the company’s own artisans and are inspired by the Punks NFT range.
Tiffany will craft the pendants using at least 30 gemstones such as sapphires, amethyst, spinel and diamonds framed in 18k rose or yellow gold, depending on the Punk NFT’s color palette. Buyers will receive a representation of their item by October, with physical delivery expected in 2023.
Each NFTiff will cost 30 Ether, including the NFT, custom pendant and chain, and shipping and handling. Each client has a maximum of three tickets and sales begin on August 5th at 10:00 AM with a redemption deadline of August 12th at 9:00 PM ET.
At the time of publication, CryptoPunks had a minimum price of 74.75 ETH, which means jewelry fans would have to pay about $125,000 for a Punk NFT and 30 ETH for an NFTiff to participate in the custom jewelry experience.
Featured Image: Megapixl @Rokas91