Tiffany launched a customized version of CryptoPunks pendant, and the high price of 30 ETH sparked heated discussions in the encryption community

On August 1, the American luxury jewelry brand Tiffany & Co announced on Twitter that it will launch an NFT series called NFTiff for CryptoPunks NFT holders, limited to 250 pieces. CryptoPunk holders can transform their NFT holdings into a custom pendant handcrafted by Tiffany artisans, and will also receive an NFT version of the pendant. NFTiff will go on sale at 10:00 U.S. Eastern Time on August 5th at a price of 30 ETH. The NFT will not be airdropped, and each customer can purchase up to 3 NFTiffs.

According to the information provided on the NFTiff official website FAQ page , Tiffany’s designers will convert 87 attributes and 159 colors that appear in the 10,000 CryptoPunk NFT series into the most similar gemstone or enamel color. Each pendant will be custom designed using at least 30 gemstones and/or diamonds, including but not limited to sapphires, amethysts, and spinels, in the most faithful way to the original NFT artwork. The pendant is approximately 30mm long and 20-30mm wide (depending on the specific NFT).

The pendant itself will be made of 18K rose gold or gold according to the color of the NFT, and the CryptoPunk series number and the Tiffany logo will be engraved on the back, without additional customization. The chain of the pendant is made of 18K gold, and the pendant buckle is embellished with 5 pavé diamonds.

The high price of 30E has sparked heated discussions: Is it worth it to cut leeks?

As we all know, Gucci, Balmain, Balenciaga, Prada and many other luxury brands have entered the NFT field, and the collision between the fashion field and NFT is not new. Tiffany's announcement of the launch of the CryptoPunk pendant still caused quite a stir in the NFT field, and its idea was popular, but the high price of 30 ETH sparked heated discussions.

Weibo account 4WHAT shared the news and said [If you have a lot of money and nowhere to spend it, you can consider buying Tiffany’s new products].

The front-row comments below Tiffany’s official tweet also cast doubt on “CryptoPunk holders only,” as of this writing, data from nftpricefloor shows that the floor price of CryptoPunk is 73.95 ETH.

However, Twitter user @LeoAlhalabi expressed that he was not shocked by the price of the NFT, and believed that people would buy it for psychological reasons: "If there are luxury brands entering the NFT market, it will be quite expensive, it will only attract those and Rich people who don't really care about spending so much money on NFT projects. You have to understand that people at Tiffany buy a $10,000 bracelet with maybe $800 worth of gold on it and they pay a 10x premium just to Bought something from Tiffany." While another user @TheFitBeaute is full of confidence: "Would have liked to see free NFT and jewelry from Tiffany and CryptoPunks collaboration. There is no doubt that this will be a sold-out version, and many people consume it Starting from 30 ETH."

Luxury brands enter the market strongly: marketing "trap", or a great victory for NFT?

In fact, NFTiff is not Tiffany's first attempt in the NFT field. As early as March this year, the jewelry company purchased the NFT series Rocket Factory's Okapi NFT at a price of 115 ETH ($380,000), and set it to be launched. special avatar. On April 7th, Alexandre Arnault, vice president of Tiffany, shared his personal CryptoPunk #3167 jewelry on Twitter, made of rose gold and enamel, with Mozambique ruby and sapphire glasses and yellow diamond earrings.

On April 9, Alexandre Arnault shared pictures of his NFT pendant making process, and launched a vote on Twitter on whether to provide CryptoPunk holders with Tiffany and CryptoPunks joint pendants, and 80% of users agreed.

On August 1, Tiffany put it into practice and followed the new trend of combining physical products with NFT, which created heat and received a lot of praise. SmartBlocks Agency CMO @markfidelman called the NFT project a "very tasteful activation" , adding: "More Web2 companies looking to get into the Web3 space need to learn the quality of NFTiff products and take notes." ZenAcademy founder @Zeneca_33 Said: "This is actually a very good way to enter the NFT field. Very 'in line with the brand'." And Proof.xyz founder @kevinrose called it a bold move for Tiffany and a huge victory for NFT.

The entry of traditional technology giants or luxury brands into NFT always seems to represent a sign that NFT is gradually getting out of the circle. Although the NFT measures adopted by brands are different, the fact that most people understand is that it is just another new marketing plan. . Therefore, it is not that no one has seen the marketing "trap" behind the NFT concept combined with physical sales.

CryptoPunk holder Kevin shared his views with CT Mandarin from three aspects: "From the perspective of breaking the circle, it is of course a good thing to drive Tiffany's traditional users to buy Punk in order to buy necklace NFT. But from the perspective of delivery, Tiffany is more I think more about attracting new users; from the perspective of the web3 encryption industry and Punk holders, this is not a meaningful thing. First, it does not essentially empower the web3 industry and Punk holders. Secondly, it will Punk NFT then binds physical objects, which will further reduce liquidity instead of improving liquidity. This is like selling a house to bind garage sales. It is by no means a blessing, but a reverse blood-sucking; the empowerment of the web3 industry basically They are all about sharing benefits and are aimed at the holders. As a traditional luxury brand, such a marketing method looks like web3, but it cannot be separated from the essence of physical sales, circle expansion and category expansion. The original intention of the brand organization is not to devote itself to building around NFT. Consensus, and is promoting a wave of new sales opportunities."

Twitter user @TEMAnfts even directly pointed out: "A well-known luxury brand in web2 enters web3 and asks for 30 ETH for a pendant based on an NFT they haven't even created yet. And only 250 NFTs can be snapped up? NFTiff will buy from the market Tiffany will earn 7,500 ETH if all limited-edition pendants are sold out, according to Cointelegraph .

Although it is not yet known whether Tiffany’s move is a short-term pursuit of hot spots or its long-term brand strategy, it has reportedly triggered a 248% surge in the trading volume of the CryptoPunks NFT series. Most crypto users believe that Tiffany pendant NFT can be sold out and there will be some hype, but they are skeptical about whether the popularity will continue in the future. In the current market downturn, it is believed that continuous heating is the common wish of everyone.