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July 31, 2022

Tiffany & Co. Unveils First NFT Collection

Tiffany & Co., one of the most recognizable brands in luxury products for more than a century, is introducing a line of NFTs.

The jeweler teased its impending sale, scheduled to begin on August 5, by tweeting a video of a pixelated grid with the letters NFTiff.

The tweet also included a price of 30 Ethereum (about $51,000 at the time of writing).

An illustration published by the prominent NFT trader Cozomo de’ Medici indicated that NFTiffs will consist of a set of digital and physical pendants resembling the NFTs currently owned by Cryptopunk owners.

According to the webpage the tweet refers to, the promotion is limited to 250 units. Tiffany & Co. is introducing the NFTiffs, the company’s first NFT product, following months of flirting with a deeper Web3 investment.

Tiffany & Co. entered the NFT market for the first time in March when it acquired an Okapi NFT from Tom Sachs. The luxury goods business allegedly paid $380,000 for the NFT and has since used it as its Twitter profile photo.

The next month, it released TiffCoins, a limited-edition collection of gold coins that appeared on April 1st. Individually engraved and restricted to a total of 499 pieces, the solid gold coins were made in a quantity of just 499.

Tiffany & Co.’s website states, “No, we will not be establishing our own cryptocurrency.” “However, these limited-edition 18k gold coins represent a contemporary interpretation of our Tiffany Money and a celebration of our heritage.”

In April, Tiffany & Co. also designed a necklace for the company’s senior vice president of products and communications, Alexandre Arnault, that contained the image of his CryptoPunk #3167. It was crafted from a rose gold set with sapphires, rubies, and yellow diamonds.

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At the bottom of the website for NFTiffs is a statement that it is “powered by Chain,” a 2014-founded block-chain-based technology startup that has attracted financing from Capital One, Nasdaq, and Visa.