Tiffany is selling diamond NFT necklaces - and they're not cheap!

Virgin Radio

2 Aug 2022, 09:55

A Tiffany & Co sign.

Credit: Getty

Tiffany & Co has taken a step into the NFT world, by announcing that it will be turning CryptoPunk NFTs into custom-designed pendants, called NFTiffs, for a cool $50,000. 

If you don’t know what CryptoPunk NFTs are, then don’t worry, you’re not alone. In a nutshell, CryptoPunks are a limited collection of uniquely pixelated 24x24 avatars which are housed on the Ethereum blockchain. There are 10,000 characters which can be officially owned by a single person. Still with us? Good.

Well, now Tiffany & Co are turning the avatars into real-life jewellery. The fancy company shared the news on Twitter that customers will soon be able to have their CryptoPunks NFTs made into a handcrafted pendant.

They wrote: “We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant.”

The NFTiffs can be bought for 30 Ether (Ether is a cryptocurrency, kind of like Bitcoin). And 30 Ether equates to approximately $50,000 in real money. That's about £40,900. The 250 digital passes, which will go on sale this Friday (5th August), can then be redeemed for diamond and gemstone pendants, which will resemble CryptoPunk owner’s avatars.

Every pendant will have at least 30 gemstones, including sapphires, amethyst, and spinel, and/or diamonds. Sounds nice, right? The pendant itself will be either 18k rose or yellow gold.

The size of the pendant will be based on each individual NFT, but will be approximately 30mm by 20-30mm. The pendant will be on an adjustable chain.

Before they receive their actual pendant in 2023, NFTiff customers will also get a NFT digital artwork that resembles the pendant.

Right, we’re going to raid our piggy banks!