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At a time when the non-fungible token (NFT) market is in some state of upheaval, LVMH-owned Tiffany & Co. is jumping into the fray this week with virtual and physical pendants designed for CryptoPunks owners that look strikingly similar to that line of digital collectibles, according to a company announcement.
But, as with most things attached to the company famous for its light blue boxes, you’ll have to dig deep to become the proud owner of anything from the so-called NFTiff line. The pendants carry a price tag of 30 ETH (about $50,000) each, which “includes the cost of the NFT, the custom pendant, the chain and shipping/handling,” the announcement stated.
“NFTiffs represent a collection of 250 digital passes, offered by Tiffany & Co. which may be minted when purchased and redeemed by CryptoPunks holders for the creation of a custom designed pendant and a NFT digital artwork that resembles the final jewelry design,” according to the announcement. “The pendant will be designed and crafted by Tiffany & Co. artisans and inspired by the Cryptopunks owner’s Punk NFT.”
The sale starts Aug. 5, and those who buy an NFTiff can expect to receive their pendant in early 2023, the announcement stated.
Rival luxury brand Prada answered with an announcement that it will drop its third Timecapsule NFT Collection Thursday (Aug. 4), according to a Monday (Aug. 1) press release emailed to PYMNTS. There will be gender-neutral physical products, each accompanied by a gifted NFT.
“This drop will offer Timecapsule NFT holders in the ‘Prada Crypted’ Discord community access to unique events and experiences, such as a full Prada journey in Milan with an exclusive invitation to the brand’s fashion show in September,” the release stated.
The prices of NFTs have soared to unexpected highs and dropped to precipitous lows over the past several months. In July, both Tencent and Minecraft bailed on the NFT market, with Tencent shutting down its NFT marketplace and likely shuttering Huanhe, the unit that mints and distributes NFTs. Social media giant WeChat has banned accounts that even mention NFTs and other digital assets in China, where NFTs are not allowed.
Read more: China’s Tencent, Minecraft Leave the Game
Meanwhile, Minecraft, one of the largest massively multiplayer online (MMO) games, with 141 million monthly active users (MAUs), announced July 20 that it was banning NFTs — and any blockchain technology on its platform.
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