The collection launched by Tiffany on the Ethereum blockchain – NFTiff – consisted of only 250 pieces, mintable only and exclusively by existing owners of one or more CryptoPunks.
Tiffany’s 250 NFTiffs
Tiffany entered the world of Non-Fungible Tokens by leveraging one of the most important communities in the NFT world, that of CryptoPunks.
The U.S. company discarded the idea of launching a collection with a new and never-before-seen design on the crypto scene, preferring, instead, to enhance one of the most iconic and successful NFT collections.
Then again, everyone knows, a winning horse should not be changed.
The famous brand put on sale exactly 250 NFTiffs, which are digital passes, mintable only by CryptoPunks holders, that will allow owners to get a custom pendant and the respective NFT.
A 30 ETH jewel
For each NFTiff purchased, Tiffany designers will create a custom pendant based on the buyer’s CryptoPunk.
Each CryptoPunk has a unique combination of some of the 87 attributes and 159 total colors. The latter will then be reflected in the custom pendant.
Each piece will be rendered in 18-karat gold and will feature at least 30 gemstones and/or diamonds, according to Tiffany’s statements.
Each NFTiff, therefore, provides access to a precious pendant and the corresponding NFT.
The cost of each non-fungible token has been set by the American company at 30 ETH, about $51,000, according to the current market value.
YugaLabs and the IP rights of CryptoPunks
It seems fitting to mention that in March, Yuga Labs, the company behind Bored Ape Yacht Club, acquired all the intellectual property of CryptoPunks, immediately announcing its intention to grant all commercial rights to the owners.
A strategy also used in the acclaimed Bored Ape Yacht Club project.
Noah Davis, CryptoPunks’ new brand lead and former head of digital sales at Christie’s, states:
“Owning a token does not just mean this JPEG belongs to you. It means you have certain rights with regards to what you can do with your CryptoPunk, what kind of IP you can build around it. There are extremely few restrictions”.
He then goes on to say:
“In this instance, owners of Cryptopunks are essentially commissioning Tiffany’s to create new IP out of their CryptoPunk, and that new IP is a pendant. You have to own the CryptoPunk in order to own the IP for the pendant.
If we are heading into an era where the virtual world is going to become more important and essential to our lived experience, owning virtual goods is going to be that much more valuable.
To get an edge on that, for these luxury companies to enter the space now, when we are really still early, it’s brilliant and it makes perfect sense”.