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Tiffany’s CryptoPunk jewelry is $50,000.

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A handmade CryptoPunk jewelry by Tiffany is going for a cool $50,000.

CryptoPunk holders can purchase a Tiffany & Co. pendant based on their NFT (non-fungible token) for around $50,000 (30 Ethereum). This is not a joke (via Decrypt).

Necklace with five pave diamonds clasping the 18K gold chain will hold the pendant with “at least” 30 diamonds or gemstones.

Only users with a CryptoPunk, a.k.a. those strange pixelated Twitter avatars, are eligible for this promotion (no, not those ones, the other ones). After a few months of decline in market activity for these items, you may expect to pay around $200,000 for a piece of art like this.

There are only 10,000 CryptoPunk designs to choose from, and now you can have your own turned into a personalized, gem-encrusted pendant (if you’re rich enough).

A few years ago, Tiffany & Co. tried their hand at Web3. An NFT with a drawing-like appearance was purchased by the company in March for $380,000. (sorry, not sorry). As an April Fool’s Day prank, Tiffany launched their “TiffCoin” virtual money.

A marketing tactic for Tiffany’s limited-edition 18K gold coins was used to promote the fictitious cryptocurrency. When a jeweler is marketing NFTs to individuals who already own them, rather than trying to sell them to people who don’t already own them, it’s an interesting strategy.

There are now a rising number of high-end items that include NFTs attached. Attempts by Chevy and Alfa Romeo to auction off NFTs packaged with a free 2023 Corvette had no takers last month, and neither company was able to raise any money.

According to Tiffany, it will do its best to produce a pendant that “exactly matches” the original CryptoPunk artwork. It goes into great depth on its FAQ page on the process it plans to use to create the NFT-inspired jewelry.

Alexandre Arnault, Tiffany’s Executive Vice President, has revealed these images of what a CryptoPunk pendant would look like. He shows off a pixelated pendant that looks a lot like the one he wears on Twitter. On the rear, it is inscribed with the CryptoPunk number.

The “NFTiff,” Tiffany’s “clever” moniker for an NFT, will accompany Tiffany’s costly bauble. A limited supply of 250 NFTiffs are being sold, which Tiffany claims CryptoPunk holders can mint and redeem once they have purchased them.

On August 5th at 10AM ET, Tiffany’s dedicated NFT website will begin selling the NFTiffs and their corresponding pendants.

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