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Luxury jewelery company Tiffany & Co. announced a new NFT project called NFTiff on July 31st. This he plans to start in August.
The collection Consists of 250 unique NFTs created as offshoots of verified CryptoPunk NFTs, each tied to a real-world 18K gold pendant studded with gems and diamonds.
We are taking NFTs to the next level. Exclusive to CryptoPunks holders, the NFTiff turns your girlfriend’s NFT into a bespoke her pendant handcrafted by her Tiffany & Co. artisans. You will also receive an additional NFT version of her pendant. learn more: https://t.co/FJwCAxw8TN #NFTiff #tiffany and company pic.twitter.com/pyKlWejHv4
Tiffany (@TiffanyAndCo) July 31, 2022
The pendant will be available starting August 5, with delivery scheduled for “early 2023” and includes “custom pendant on chain, certificate of authenticity, [and] Signature Tiffany packaging.
The reaction to this news has not been entirely supported, with many users perceiving the move as resembling a “top of the market” signal. In the last 24 hours, “Tiffany” has been trending in the US with over 88,000 mentions on his Twitter.
idk brothers
i really thought i was in the bottom
Then Tiffany came along and tried to sell the NFT at a price higher than most diamond rings.
2070 (@Punk_2070) July 31, 2022
Satvik Sethi, builder of several NFTs and Metaverse projects, called Tiffany’s NFTs “enterprise cash grabs,” arguing that the company could find better uses for blockchain technology.
Sethi mentioned the possibility of Tiffany integrating blockchain into its supply chain to authenticate products rather than simply selling derivative NFTs.
If Tiffany & Co. wants to use NFT/Blockchain, integrate the technology into their supply chain to authenticate products, sell NFT gate physical experiences to physical buyers, and start a digital community You can
This is a corporate cash grab.
Satvik Sethi (@sxtvik) July 31, 2022
However, NFT collector 260.eth claims that this is the kind of PR you cant even pay for, suggesting the announcement is bullish for Ethereum.
260.eth further identified Tiffany’s customers as “probably the richest subsection of society” and thus the right audience for the NFT industry.
Tiffany posted about NFTs with the word ‘eth’ to perhaps the wealthiest subsection of society with 13 million followers
And your idiots are mad about it LOL this is the kind of PR you can’t even pay for, position it right $ETH NFT as a luxury item in people’s minds pic.twitter.com/J6KbpLlaKt
Daniel (260.eth) (@danielgothits) July 31, 2022
NFT artist SarahScript thinks the move is a “pretty funny rad,” citing Tiffany’s long-standing brand presence as reason for her optimism.
Tiffany, a brand with nearly 200 years of history, is entering the nft space.
SarahScript (@sarah_script) July 31, 2022
Artist Will Nichols was similarly baffled by the negative sentiment, claiming that Tiffany’s can “charge what they want” because of its longstanding tradition.
Why do some people stumble when Tiffany sells NFTs for 30 cents?
It’s a traditional luxury brand that’s been around for over 180 years, and they can charge as much as they want.
If you don’t like the price, don’t buy it (laughs).
WillNichols.eth (@nevermindwill) July 31, 2022
NFT launch in August smart contract.
