Tiffany & Co. will transform non-fungible tokens (NFTs) into personalized pendants as it joins other luxury fashion houses attempting to establish a footing in the web3 realm.
Currently, the agreement has been finalized only with CryptoPunk, and holders of these NFTs can exchange them for unique pendants comprising precious stones and diamonds.
In accordance with Tiffany & Co., only 250 tokens are available.
The luxurious jewelry company announced that CyrptoPunk holders must purchase one of 250 NFTiff passes from Chain in order to mint a personalized pendant based on their NFT.
The company announced that the sale of NFTiffs will begin on August 5, 2022, at 10:00 a.m. E.S.T. for eligible investors.
One NFTiff is equal to 30 ETH. It includes the cost of the NFT, the bespoke pendant, the chain, and shipping and handling.
Tiffany stated that designers will deal with 87 traits and 159 hues when it comes to design. They will appear throughout the collection of 10,000 CryptoPunk NFTs and complement gemstone or enamel hues.
It said that each pendant would include a minimum of 30 gem stones and diamonds, engraved with the CryptoPunk model number.
In addition to the physical object, the owners will receive a digital rendering of the pendant and a certificate of authenticity.
In April, the campaign was launched after the vice chairman of the company, Alexandre Arnault, turned his CryptoPunk #3167 into a pendant.