Tiffany & Co. launch NFTs with CryptoPunks
Holders of CryptoPunks get access to a very limited item.
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Hi NFT Community
I’m back with another news update from the world of NFTs, one of which I am very excited about.
Working with my team, consulting, advising, and generally educating brands and organisations over the last eighteen months, we’ve been privy to the concepts and ideas that Luxury brands have been considering while they waited for the NFT market to mature.
I must clarify that we had nothing to do with this drop. I’m just excited to see a top luxury brand make such a statement in this space.
Tiffany & Co. have entered the NFT space with a project available exclusively to CryptoPunks holders. The project is called NFTiff and transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. Owners will also receive an additional NFT version of the pendant.
Only 250 of these were made available and the starting price was 30 ETH, which at the time of writing equated to around $50,000. This has divided opinion in the NFT community with some considering the move to be a “cash-grab”, but I see it differently.
Yes it was a very expensive starting point, but Tiffany & Co. are a top-level luxury brand, they’re not going to spit out 10,000 NFTs at $200, it wouldn’t fit their luxury brand status if they were easily accessible. They were not targeting the general NFT community, they were targeting the wealthiest end of the NFT community and the general Tiffany & Co consumers.
Tiffany & Co. are not selling an NFT, they are selling a Tiffany & Co. product that happens to be an NFT and they have to abide by their brand strategy.
One thing that got missed by many in the NFT community was the fact that Tiffany & Co. has actually done NFTs and Ethereum a great service with this project. The fact a top luxury brand marketed NFTs to the rich, the wealthy, and those who aspire to own luxury products, and they also used ETH (Ethereum) as the price and not the US Dollar, helped to position NFTs and ETH in the minds of their consumers as aspirational assets. This was a good thing for the overall brand of crypto and NFTs at a time when there is still a lot of concern and misunderstanding from the general public.
I think this is great for the maturing of the NFT space and showcasing to the wider public that NFTs aren’t just JPEGs, they have use cases. It’s brands like Adidas, Nike, Tiffany & Co. along with a few others that will be the driving force behind mass adoption. We can’t hope for mass adoption while simultaneously having negative outlooks on corporate companies coming into the space. The big brands in this world drive culture on a mass scale, we should embrace them coming into NFT land, we all benefit from it!
Thanks for reading, David Skilling.
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