Tiffany and Co. sells NFTs for $50,000 each

Tiffany & Co. jumps into the NFT space with the launch of its own collection, called NFTiff. As should come as no surprise for a luxury brand, these NFTs won’t come cheap. There will only be 250 NFTiffs, and they will each sell for $50,000 (30 ethers) when they become available on Friday August 5th.

This may be the most expensive public sale of any NFT in history. Many NFTs sell for exorbitant sums at auctions or in secondary markets like OpenSea, but they are usually not very expensive at public sale. Most creators launching collections sell their NFTs for less than $160 (0.1 ether). Bored Ape Yacht Clubthe most famous collection, launched at 0.08 ether, worth around $200 at the time.

However, Tiffany & Co. is not targeting the typical crypto bettor with its collection. It is exclusive to CryptoPunks holders, famous for its reputation as the first NFT collection created. CryptoPunks rarely opt for less than 6 digitsso Tiffany & Co. targets the more affluent NFT collectors.

The NFTs the luxury brand sells are actually more of an accessory to the main product: Those who shell out $50,000 for an NFTiff will receive a Tiffany & Co. pendant version of the CryptoPunk they own. (You can see an example below.) They will also receive a digital version of this pendant, which is the NFT. By basing transactions on ether, the second largest cryptocurrencyTiffany & Co. opens potential sales to buyers who are richer in crypto than cash.

Tiffany & Co.’s announcement caused a stir among NFT traders, with the price of 30 ether a controversial topic. It’s a bold time to launch such an expensive NFT collection, with ether, the cryptocurrency on which the NFT market is based, down 54% year-to-date. With crypto being so bad, the creators of NFTs turned their attention to lower asking prices. Free coins, where creators give away NFTs for free in hopes that they will profit from secondary market royalties, have become particularly popular.

Tiffany & Co. is the latest of several fashion brands to dip their toes into Web3. Last year, Adidas teamed up with the Bored Ape Yacht Club to launch its own NFT, while Gucci collaborated on several collections to put their clothes on famous NFT characters. More recently, Lacoste launches a collection which entitles you to exclusive clothing scraps.

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