On Monday, the trading volume of CryptoPunks, one of the most popular non-fungible token (NFT) collections in the industry, soared 1,847% in 24 hours. Over 1,226.68 Ether (ETH) worth of Punk NFTs were traded during that time. The surge in interest appears to be related to Tiffany & Co.’s luxury jewelry launch of its own NFT collection, which has a special perk for Punk owners.
Dubbed “NFTiffs,” the collection consists of 250 digital passes. Anyone can buy NFTiffs, which are minted on the Ethereum blockchain. However, CryptoPunk holders can redeem the NFTs for a personalized piece of jewelry. Upon purchase, Punk holders can choose to receive a custom designed pendant and NFT digital artwork that resembles the final jewelry design. These are made by the company’s artisans and are inspired by the NFT Punks collection.
Depending on the NFT Punk color palette, Tiffany will create pendants using at least 30 gemstones such as sapphires, amethysts, brilliants and diamonds with their 18K rose or yellow gold setting. Buyers will receive a rendering of their piece in October, with physical delivery expected in 2023.
Each NFTiff will cost 30 ETH, which covers the cost of the NFT, the custom pendant and chain, as well as shipping costs. There is a limit of three passes per customer, the sale begins on August 5 at 10:00 am and the redemption deadline is August 12 at 9:00 pm ET.
As of press time, CryptoPunks have a minimum price of 74.75 ETH, which means that jewelry enthusiasts need to pay around $125,000 for a Punk NFT on top of 30 ETH for an NFTiff if they want to take part in the CryptoPunk experience. personalized jewelry
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