Tiffany & Co. will give away 250 handcrafted NFT pendants for $47,000 each

Luxury jewelry maker Tiffany & Co. is stepping into the world of non-fungible tokens (NFTs) with the launch of a very limited-edition line of “NFTiffs” that includes a physical pendant.

As deciphers the reports(Opens in a new window), Tiffany’s has partnered with CryptoPunks, which offers a collection of NFTs on the Ethereum blockchain, to produce 250 digital passes called NFTiffs. Anyone who purchases an NFTiff has the option to redeem their pass for “a custom-designed pendant and digital NFT artwork that resembles the final jewelry design.”

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NFTiffs will go on sale August 5(Opens in a new window) and a maximum of three can be purchased per customer. Each will cost 30 Ethereum, which at the time of writing means spending around $47,000. The price includes the cost of the NFT, the personalized pendant, the chain and the shipping.

According to the NFTiff FAQ(Opens in a new window), each personalized pendant will convert “87 attributes and 159 colors that appear in the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color.” Each pendant will use at least 30 gemstones and/or diamonds and will measure approximately 30mm long and 20-30mm wide. Each customer will receive a rendering of their pendant by October, but cannot influence the design.

The draw here for potential buyers is the very limited nature of the pendants. There will only be 250, and only CryptoPunks holders who purchase an NFTiff can order one. So there is certainly potential for the value of pendants to increase significantly over time, and Tiffany & Co. could bolster the value by repeating the pendant idea in the future, paving the way for collectors to try to buy the complete set.