Tiffany announced yesterday that she is releasing her first NFT. The luxury brand has set itself the goal of taking NFTs to a new level. Soon, all CryptoPunks holders will be able to have their CryptoPunk NFT turned into a custom pendant handcrafted by Tiffany & Co employees. In addition, buyers will receive an NFT version of the trailer. Let’s look into what is NFTiff and if this strategy to create NFTs would do the company any good.
What is an NFTiff?
NFTiffs represent a collection of 250 NFTs offered by Tiffany. When a buyer purchases an NFT, they can redeem it for a specially designed CryptoPunk pendant. The pendant is designed and crafted by the artisans of Tiffany & Co. The composition of materials looks like this:
The pendant will be 18k rose or yellow gold based on the color palette of the NFT. The rose and yellow gold perfectly complement the base color of each point type. The lighter base colors and the alien background will be made from 18R, and the two darker base colors will be made from 18Y.
Each follower will have at least 30 stones. The stones may contain precious stones and/or diamonds. The carat weight per piece will vary depending on the attribute.
Most designs contain bead set diamonds and/or round cut gemstones. Select custom pendants feature fancy stone shapes. For example, Tiffany designers will use baguette stones to create the 3D glasses.
The CryptoPunk colors are represented as accurately as possible using the natural colors of various gems.
The pendant also includes an 18k gold adjustable chain inspired by the shape of square pixels. The shackle (connecting device to the pendant) allows for fluid movement of the pendant and is accented with 5 pave diamonds.
A maximum of 250 NFTiffs will be sold in total, of which the maximum order quantity is limited to 3. The Tiffany NFT in conjunction with the pendant costs 30 Ether. At the current Ethereum price of $1650, this corresponds to around $50,000. The sales start is on August 5th.
Criticism – Are NFTs abused by Tiffany as a marketing tool?
Even before the NFT was released, the criticism on social media was immense. Above all, the asking price of $50,000 stands out here. So the Twitter user “Greg” tweeted if they didn’t mean $30 instead of the required 30 Eth.
However, this is no longer a special case. Because the future of NFTs clearly points in one direction. NFTs are used as a marketing tool to sell real-world items, often at higher prices. The actual value of the NFT is lost and the NFT only serves as a marketing object. The luxury brand Tiffany are not the first to want to take advantage of the hype and apply this principle. It remains to be seen whether and for how long this principle will work. Calling up such prices, especially in a bear market, is not well received by the community.
In addition, the target group for the NFT must also be kept in mind. Because Tiffany is aimed exclusively at the luxury segment and therefore only speaks to a few people. It is therefore of the highest priority to create exclusivity and not to make the products available to everyone. Whether a price of 30 Ether justifies this concept is certainly debatable, but we will see it on August 5th at the latest. And if Tiffany does sell 250 NFTs at 30 ethers each, that’s probably the fastest $12 million the company has made.
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