It seems like it was just yesterday when NFT proponents were busy trying to justify spending buckets of money on digital collectibles—and spewing tons of carbon dioxide into the atmosphere of our struggling planet—that could largely be seen for free online. But what if everyone could admire your outrageously priced CryptoPunk or Bored Ape encrusted in IRL diamonds?
This week, Tiffany & Co. announced its foray into the Web3 with its “NFTiffs,” which, unlike their NFT cousins, are physical art objects. The legendary little blue box jeweler said it would be producing 250 custom-designed CryptoPunk pendants, which will only be available for purchase by the owner of the corresponding CryptoPunk non-fungible token. The piece will feature an 18-karat rose or yellow gold chain, while the CrytoPunk emblem will be made with precious gemstones and/or diamonds, according to the company.
As you can imagine, NFTiff’s aren’t cheap. The company is selling them for 30 ETH, which at the time of publication equates to roughly $48,000. Yet, considering the lowest priced CryptoPunk currently available is going for 74.69 ETH, or $120,406, it’s probably a steal for CryptoPunk owners. For comparison’s sake, the first- and second-most expensive CryptoPunks ever sold went for 8,000 ETH ($23.7 million) in February and 4,200 ETH ($7.58 million), respectively. Demand isn’t a sure thing: The cryptocurrency and NFT markets have cratered since those massive sales. One Cryptopunk owner sold their digital art for a $7 million loss in July.
There are a total of 10,000 CryptoPunks, so it’s possible that not everyone who wants to show off their NFT in diamonds will be able to. In addition, Tiffany restricts CryptoPunk owners to three purchases, even if they own more NFTs. In its FAQ section, the company said that it expects to ship pendants in early 2023.
As pointed out by Vogue Business, it’s also not clear what would happen to the NFTiff pendant if the CryptoPunk owner decided to sell their NFT. Do they have to offer the new CryptoPunk owner a chance to buy the pendant? Or will the original NFTiff purchaser be allowed to keep the pendant even if they no longer own the CryptoPunk?
Gizmodo reached out to Tiffany to ask for clarification on this issue but did not receive a response by the time of publication.
CryptoPunks feature pixelated punks with unique attributes, such as “luxurious beard,” “classic shades,” and “crazy hair.” There are also apes, zombies, and even aliens in the collection, although they are rarer. In short, the rarer the attribute, the more valuable the NFT.
Owned by Yuga Labs, also known for its the famous Bored Ape Yacht Club collection, Cryptopunks make up one of the most popular NFT collections online. The collection has generated $1.84 billion in sales in its lifetime.