Tiffany CryptoPunk NFTs are already being 'flipped'
At a time when non-fungible token trading (NFT) has hit record lows, Tiffany's NFTs, known as NFTiffs, are already being flipped for profit, according to on chain data.
One user appears to have resold a Tiffany x Punk NFT at 55 ETH, a more than an 80% increase from the price at mint.
Earlier this week, Tiffany's unveiled its NFTiff collection, exclusively for the CryptoPunk NFT community, powered by blockchain solutions company Chain. Alexandre Arnault, son of billionaire LVMH chairman Bernard Arnault, is a CryptoPunk holder himself and had helped spearhead the project.
There are 250 of these tokens, which CryptoPunk holders can use to get a custom pendant of NFT artwork. The passes cost 30 Ethereum, or $50,000. Customers can purchase up to 3 passes per one wallet.
The company invited 100 Punks to buy their passes early, though how that was determined is unknown. When The Block contacted Chain, media representatives declined to comment.
According to data compiled via Dune, the most common trait NFTiff-holding Punks have is an earring, with seven NFTs out of the 100 minted sporting that trait.
The remaining 150 NFTiffs go on sale tomorrow.
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