NFT Drop Collection by Tiffany & Co. Raises $12.5 M After Instantly Selling Out

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NFT Drop Collection by Tiffany & Co. Raises $12.5 M After Instantly Selling Out

Tiffany & Co. has released a line of limited-edition Ethereum-based tokens and jewelry in collaboration with CryptoPunks, the world’s first leading successful NFT collection. The 250 pieces were gone in about 20 minutes, netting more than $12.5 million.

Tiffany & Co. First NFT Drop Collection

Tiffany’s has made a grand debut in the field of NFTs.

The world-renowned luxury jeweler presented its first NFT collection today, a series of 250 CryptoPunks-inspired digital passes dubbed “NFTiffs.”

At the time, the NFTs were valued at $50,000 or 30 ETH. The collection was sold out in just over 20 minutes, bringing in close to $12.5 million in sales. Tiffany & Co. launched the collection on the Ethereum blockchain via Chain Protocol.

CryptoPunks owners will be able to exchange their NFTiffs, which are digital passes, for a digital piece of art based on their original Punk. Each piece of digital art will be accompanied by a luxurious pendant with the same design. High-end jewelry made out of gold and precious stones that have been specifically chosen to represent each aspect of CryptoPunks will be worn as pendants. They should become available in early 2023.

Only CryptoPunk holders are allowed to redeem NFTiffs for digital art based on their Punk and a matching fine jewelry pendant, as only they may purchase them. To get started, you’ll need an NFTiff and a CryptoPunk to use the new artwork as a model. NFTiffs must be redeemed by August 12th.

Despite the fact that the crypto market has been cooling down in recent months, several well-known firms have been making efforts to gain a footing in the NFT sector. Many luxury brands have joined Web3 in recent months, including Gucci and Louis Vuitton. Tiffany & Co. is one of them.

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