Luxury jewelry brand Tiffany and Co. (TIF) is putting CryptoPunks on-chain: diamond chains.
The company is selling 250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000) a pop to holders of the famed avatar collection. Each necklace will include a combination of 30 diamonds and gemstones, according to Tiffany’s website.
The necklaces will go on sale Aug. 5 and are only available for CryptoPunk holders to purchase in the form of non-fungible tokens (NFT) redeemable for the physical necklaces. Tiffany will net over $12 million from the sale if they sell out, standing to make even more profit from resale royalties.
NFT Twitter had mixed reactions to the announcement, with some users criticizing the pendant’s high price. Others praised the collaboration as a step forward for the collection’s image.
By Eli Tan