We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN#NFTiff#TiffanyAndCopic.twitter.com/pyKlWejHv4
Tiffany and Co have come up with a new NFT program, where in the NFT crafted out by the artisan will be available only to the Crypto Punk holders. Crypto Punk in itself is a NFT crafted by Larva Labs Studio in 2017.
Tiffany a popular jeweler has always been an enthusiast of the digital asset industry. The company’s announcement about the Crypto Punk pendant received a lot of publicity as it started trending across social media channels especially twitter. According to the reports, the pendants will be available only to the holders of CryptoPunk, who will purchase the NFTs and use them for the physical piece of the pendant. If the reports are to be believed the jeweler is tipped to earn around $12 Million from the sale of the NFT if they are sold out.
The main reason for the NFT to get such a high price is the limited supply of the NFT. Only 250 pieces were made of the NFT which were available at 30 Ethereum tokens, which approximately is valued at $50,000. Since, the announcement was made, the news trended and got mixed reviews from the users.
According to some, the cost of the NFT is too expensive and does not cater to every holder of NFT, while some believed that, the initiative is praise worthy, as it gives the NFT sector to grow.
The NFTs are tipped to be launched on the 5th of August and is predicted to be sold out soon after the launch.
Luxury brands diving into the digital asset industry.
In the past we have seen many such instances where luxurious brands have collaborated with the digital asset industry to craft out a unique campaign that met its full potential. By now, we know that these highly reputed brands are no way alien to cryptocurrency. Some of them have even gone to the extent of accepting these cryptocurrencies as a part of the payment.
Writer’s Analysis:
According to me it is heartening to see the use of NFTs by reputed brand such as Tiffany and Co. The use of digital assets by reputed brands is surely a positive sign that, digital assets have the potential in them to replace the orthodox financial systems with more technology enabled version of financial systems.
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