Tiffany follows other luxury brands to launch NFTs

Wednesday 3 August 2022 08:01 CET | News

Canada-based creator of NFT collection on the Ethereum blockchain, CryptoPunks, has announced that users can buy a handcrafted pendant modeled after their NFT from American luxury jewellery brand, Tiffany & Co.

NFTiff – the brand’s take on the Web3 and blockchain trend

The handcrafted pendant will be sold for around USD 50,000 or the equivalent of 30 ETH and will feature at least 30 diamonds or gemstones, as well as an 18K gold chain and additional diamonds. The offer will be made exclusively for those who own CryptoPunk NFTs, which means that only up to 10,000 designs can be made into pieces of jewellery. 

The luxury brand has experimented before in the world of Web3, announcing in March 2022 that it purchased an NFT in the form of a children’s drawing for USD 380,000. It later stated that it will launch its own cryptocurrency, TiffCoin, although the news proved to be an April’s Fool joke. Nevertheless, Tiffany & Co. is testing the waters regarding potential new uses and business opportunities in the Metaverse world, targeting existing NFT holders as potential clients instead of trying to market digital goods to clients who prefer the company’s traditional physical jewelleries. 

Tiffany & Co. is one of the latest to join the NFT trend for luxury brands, following Adidas, Prada, Nike, Gucci, Dolce & Gabbana, and Louis Vuitton, among others. Other luxury jewellery brands like Bulgari and Cartier have also jumped on the NFT train, providing their customers with digital replicas of their best-sold pieces of jewellery and a series of special surprises.

Creators of NFT collection on the Ethereum blockchain, CryptoPunks, has announced that users can buy a handcrafted pendant modelled after their NFT from American luxury jewellery brand, Tiffany & Co. 


Prada’s latest NFT drop

However, one particular couture house appears to be taking the digital universe seriously, launching the thirds limited NFT from a time capsule collection. Italian fashion house Prada has announced in August 2022 the reveal of the third item from its limited-edition Timecapsule Collection, which will be accompanied by a correspondent NFT. 

Following the theme of previous months’ collectibles, the August Timecapsule shirt is made using upcycled fabrics from Prada’s archive of luxury textiles. It is the brand’s commitment to circularity by creating new and unique clothes using already existing textiles. 

Like the other drops in the collection, lucky customers who purchase this month’s Timecapsule item will also have access to unique experiences and events in both the analogue and the digital world. The August 2022’s Prada drop is limited to 50 items, which means only 50 clients will get to wear Prada’s shirt and benefit from the complementary NFT that comes with it.

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Keywords: NFT, blockchain, Ethereum, luxury goods, cryptocurrency, crypto, crypto asset, digital assets, Web 3.0, web3, metaverse
Categories: DeFi & Crypto & Web3
Companies: Prada, Tiffany & Co
Countries: World
This article is part of category

DeFi & Crypto & Web3



Tiffany & Co

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