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The sale of these necklaces will increase Tiffany’s profit to more than twelve million and the company is likely to gain even more via the resale royalties.
Seems like no company wants to be left out of the Non-Fungible Token party. The latest brand to embed its name in the list of companies to adopt NFT is Tiffany and Co.
The luxury jewelry brand Tiffany has disclosed its new collection of diamond necklaces with CryptoPunks on them. This is an NFT collection curated on the Ethereum network that was launched in the year 2017. Two Canadian software developers named Matt Hall and John Watkinson had designed the NFTs under the Larva Labs studio.
Tiffany and Co., known to be a favorite in the affluent circle of Hollywood celebrities, has curated 250 diamond-encrusted pendant necklaces for 30 ETH or worth fifty thousand US Dollars per piece. According to Tiffany’s official website, every necklace is touted to reflect an assortment of thirty immaculate diamonds and gemstones.
The necklaces are set to release on August 5th and will be specifically accessible to CryptoPunk owners as Non-Fungible Tokens redeemed as actual necklaces.
The sale of these necklaces will increase Tiffany’s profit to more than twelve million and the company is likely to gain even more via the resale royalties. The debut NFT collection by Tiffany is called the NFTiff and will be released with skyrocketing prices per piece to break massive records.
The release follows a collaboration with a crypto startup called Chain, responsible for the backend development of the project. Chain is a blockchain-based technology firm that designs cryptographic ledgers and cloud infrastructures to promote transformative financial products and Web3 services.
Deepak Thapliyal, the Chief Executive Officer of Chain was the first to inaugurate the NFTs in a tweet the previous week. The startup was established in 2014, and over the years, has raised an estimated capital of 40$ Million in funding from companies like Pantera Capital, Capital One, and Visa.
While companies can’t get enough of the crypto world, Twitter has someone become unforgiving of the new project. Many users on social media sites have condemned the exorbitant prices. However, many Tiffany’s lovers have appreciated the novel idea.