01/08/2022 Jewelry Brand Tiffany and Co. Unveils $50K CryptoPunk Necklaces

The collection of diamond-encrusted pendants is exclusively available for CryptoPunk owners to purchase and limited to 250 editions.

CoinDesk - Unknown

Luxury jewelry brand Tiffany and Co. is putting CryptoPunks on-chain: diamond chains.

The company is selling 250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000) a pop to holders of the famed collection. Each necklace will include a combination of 30 diamonds and gemstones, according to Tiffany’swebsite.

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The necklaces will go on sale Aug. 5 and are only available for CryptoPunk holders to purchase in the form of NFTs redeemable for the physical necklaces. Tiffany’s will net over $12 million from the sale’s sellout, standing to make even more profit from resale royalties.

The release comes as a tie-up with the crypto startupChain, which is taking care of the launch’s back end. Chain’s CEO Deepak Thapliyal first teased the collaboration in atweetlast week.

NFT Twitter hadmixed reactionsto the announcement, with some users criticizing the pendant’s high price. Others praised the collaboration as a step forward for the collection’s image.

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https://www.coindesk.com/business/2022/08/01/jewelry-brand-tiffany-and-co-unveils-50k-cryptopunk-necklaces/

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