American Jewelry Brand Tiffany & Co. has unveiled its CryptoPunks limited edition necklaces. The company announced the development via Twitter. Tiffany and Co. partnered with popular crypto startup Chain to unveil the necklaces.
According to the American Jewelry Brand, the new crypto punk necklace collection will entail “diamond-plated pendants.” Additionally, Tiffany and Co. insisted that the collection will possess 250 editions of NFTiffs. It says only CryptoPunk owners will enjoy access to the collection. Notably, its partner, Chain, is assigned to run the backend feature of the collection while Tiffany and Co. will handle its sales.
The luxury brand further stated that all the customized 250 diamond-oriented necklaces would be auctioned. As revealed, a single necklace has an attached price of 30 ETH, equivalent to $50,000. As observed on the brand’s website, every necklace in the collection is designed to possess a combination of 30 gemstones and diamonds. Tiffany also announced its plan to begin the sale by Friday.
CryptoPunk holders are required to buy the editions as NFTs. Afterward, they are expected to redeem the necklaces for physical usage. Recall that the CEO of the crypto startup, Deepak Thapliyal, in the past week notified the community about Chain’s ongoing partnership with Tiffany. Thapliyal, in a Twitter post, told the community to watch out for the collaboration of both ventures.
Also, in April, the Vice President of Products and Communication with Tiffany, Alexandre Arnault, gave a tease about the collection. The Vice President said the collection illustrates attributes similar to CryptoPunks #3167 owned by him. He added that the pendant manifested from rose gold crusted with yellow diamond, Mozambique ruby glasses, and sapphire.
Controversies have begun to greet the price attached to the new CryptoPunk necklaces. As observed, some members of the NFT Twitter community condemned the price, describing it as highly expensive. A user, Allen, decried the high price, stressing that he does not need Tiffany’s collection to immortalize his CryptoPunk.
Similarly, the co-founder of the immersive generative audio project, Blocktones, expressed his dissatisfaction with the “high price” attached to the collections. According to him, Tiffany is attempting to amass over 12.7 million on the sale of all NFTs. He considers it “hilarious.”
However, some users backed the price attached to the NFT collection. A user queried how people could expect something cheap from a luxury jewelry brand. Additionally, the CEO of Zen Academy commended Tiffany’s initiative, saying the launch remains an “excellent way to enter the NFT space.”
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