Luxury jewelry company Tiffany & Co. announced a new NFT project called NFTiff on July 31, which is slated for an August launch.
The collection will consist of 250 unique NFTs created as derivatives of verified CryptoPunk NFTs and will each correlate to a real-world 18k gold pendant laced with gemstones and diamonds.
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 #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
The pendants will be available from August 5, with delivery planned for “early 2023,” which will include the “custom pendant on a chain, certificate of authenticity, [and] signature Tiffany & Co. packaging.”
The reception to the news has not been entirely supportive, with many users identifying the move akin to a ‘market top’ signal. Over the past 24 hours, “Tiffany” has over 88,000 mentions on Twitter and has been trending in the U.S.
i really thought the bottom was in
and then Tiffany’s came and tried to sell us an NFT for more than the cost of most of their diamond rings
— 2070 (@Punk_2070) July 31, 2022
Satvik Sethi, a builder of several NFT and metaverse projects, called Tiffany’s NFT a “corporate cash grab” as he contended that the company could find a better use for blockchain technology.
Sethi referenced the potential for Tiffany’s to integrate blockchain into its supply chain to “authenticate products” rather than simply selling a derivative NFT.
If Tiffany & Co. wanted to use NFTs/Blockchain, they could’ve integrated the technology in their supply chain to authenticate products, they could sell NFT gated physical experiences for physical buyers, they could start a digital community, etc.
This is a corporate cash grab.
— Satvik Sethi (@sxtvik) July 31, 2022
However, NFT collector 260.eth argued that “this is the kind of PR you can’t even pay for,” suggesting the announcement is bullish for Ethereum.
260.eth further identified Tiffany’s customers as “maybe the richest subsection of society” and thus the correct audience for the NFT industry.
Tiffany just posted about their NFT with the word “eth” to maybe the richest subsection of society with 13 million followers
— daniel (260.eth) (@danielgothits) July 31, 2022
SarahScript, an NFT artist, believes that the move is “pretty freaking rad,” citing Tiffany’s long-established brand presence as the reason for her optimism.
Tiffany is a nearly 200 year old brand entering the nft space, pretty freaking rad if you ask me.
— SarahScript (@sarah_script) July 31, 2022
Artist, Will Nichols, was equally confused by the negative sentiment and claimed that Tiffany’s could “charge what they want” due to its long-standing heritage.
Why people tripping on Tiffany selling a nft for 30eth?
It’s a legacy luxury brand that been around for 180+ years, they can charge what ever they want.
If you don’t like the price don’t buy it lol.
— WillNichols.eth (@nevermindwill) July 31, 2022
The NFT launch in August can be tracked by reviewing the smart contract.