Tiffany & Co.’s First NFT Collection Sells Out In 20 Minutes

The luxury jewellery house’s foray into the metaverse was met with enthusiasm from digital collectors

Leave it to Tiffany’s to redefine the fine jewellery shopping experience. The brand is one of the newest entrants in the Metaverse through the launch of its first NFT collection, NFTiffs. The collection was priced at 30 Ethereum, or AED 187,323 ($51,000) each and sold it within twenty minutes of its release, making it one of the most successful NFT drops in the luxury goods industry till date.

The collection was sold to Cryptopunk holders (ie a community of individuals that own Cryptopunk non-fungible tokens) exclusively and contained 250 NFTiffs. Upon buying an NFTiff, users were allowed to redeem their digital pass for a Web3 artwork that was designed on the basis of their Cryptopunk avatar, along with a bespoke, customised pendant that they would receive in-store as a result of their purchase.

According to Tiffany & Co., each NFTiff pendant sold will be handcrafted by artisans using 30 or more gemstones or diamonds like sapphires, amethysts and spinels, with a 18-carat gold base physically. A digital version of the pendant will also be obtained by users upon purchase.

Despite NFTiffs being the first exclusive collection to be offered by the brand, this isn’t Tiffany and Co.’s first foray into the NFT space. The company’s VP of Communications, Alexander Arnault, has been spearheading its digitization efforts since early this year, when Tiffany’s launched its first singular “rocketship” NFT, which was priced at AED 1,395,743 ($380,000), according to the retailer.

Lead image courtesy Twitter/@tiffanyandco