Goodbye old Tiffany, the new Tiffany is born, which leaves the image of the traditional big of luxury to explore new beaches. And after contemporary avant-garde art, here is Tiffany’s launch into the market for NFT virtual objects. The American Maison that passed under the Lvmh French banner presents NFTiff, which is also a successful crasis between the acronym of non-fungible token and the name Tiffany. Result: instead of immediately buying a real jewel, in gold or silver, you can choose a virtual object, which can then be transformed into a real jewel.
Let’s open a parenthesis for those who are unfamiliar with the frontiers of technology: an NFT is an object made up of digital data (for example, video, audio or any image in digital format, such as jpeg). This data is stored in a blockchain, which is essentially a form of distributed ledger. The ownership of an NFT object is registered in the blockchain and can be transferred from the owner (in this case Tiffany) to the buyer. But, beware, there are also those who have doubts about the actual ownership of the digital object: those who promote NFT argue that the blockchain is essentially a public contract that ensures the authenticity of what was purchased. Others, however, dispute that the legal rights transmitted by an NFT are valid, because there is no legislation that determines for these objects an effective intellectual property or other legal rights on the associated digital file. But these are probably details for those who will buy Tiffany’s jewelry, as they will then be made in the traditional way.
Tiffany’s digital product will be made in a limited edition of 10,000 pieces. It is designed exclusively for holders of CryptoPunks, a collection of non-fungible tokens on the Ethereum blockchain, one of many cryptocurrencies. The price of each virtual jewel is 30 Ethereum (Eth) cryptocurrency which at the beginning of August 2022 has a value equivalent to 1,662 dollars or euros, but with daily variations (a year ago it was close to 4,000 dollars). In August, therefore, the price of the NFT jewel would be almost 50,000 euros. It will not be obtained immediately: the delivery of the NFT jewel is estimated between December 2022 and February 2023. The virtual jewel is provided by Chain, a blockchain-based technology company and is available for purchase starting in August through the online NFTiff gateway of the Maison (nft.tiffany.com). NFTiff pass holders can ‘mint’ a personalized Tiffany & Co. pendant and receive a digital rendering in NFT format and a certificate of authenticity. Basically, they will have a piece of jewelry to admire first on their computer.
We are incredibly excited to announce the debut of NFTiff, offering our customers the rare opportunity to transform CryptoPunks into Tiffany & Co. personalized jewelry through a fully digital experience.
Alexandre Arnault, executive vice president, products and communications at Tiffany
Once the digital project has been completed, the CryptoPunks will be made with a custom design. Tiffany’s designers will work with the 87 attributes and 159 colors that appear in the collection of 10,000 CryptoPunk NFTs to match the color of the closest gemstone or enamel. Each pendant will be composed of at least 30 precious stones and / or diamonds (also virtual ones) to create a personalized design with the utmost fidelity to the original NFT art.
Each pendant in 18k rose or yellow gold will be on an adjustable chain between 18 and 22 inches made up of rectangular links that take inspiration from the shape of the square pixels. Limited supply, only 250 charms will be produced, each engraved with the CryptoPunks edition number on the back. It will be possible to purchase a limit of three NFTiff subscriptions per individual. The idea behind NFTiff came up organically earlier this year after Alexandre Arnault shared a photo of his personalized jewelry interpretation of CryptoPunk # 3167 on social media, created by Tiffany’s artisans and inspired by his NFT. .
As a holder of CryptoPunks, I saw a partnership with Tiffany as a way to make NFTs accessible to new collectors and to strengthen the existing community that has embraced the art. Tiffany’s vision and Chain’s technologies are the perfect combination to produce a beautiful product and a secure online experience.
Deepak Thapliyal, CEO of Chain