Tiffany is launching its own NFT collection, called %NFTiff. The collection features 250 NFTs that sell for 30 Ether apiece and are available on August 5, the company said.
The quantity and price make the Tiffany collection the most expensive public sale of NFTs to date.
Many NFTs sell for high prices at auctions, but they’re typically not expensive at public sale or when sold through retailers.
Most creators who launch collections price their NFTs under $160 (0.01 Ether). %BoredApeYachtClub, the most famous collection to date, launched at a cost of 0.08 Ether, which is equivalent to about $200 U.S.
Tiffany’s NFT collection is exclusive to holders of CryptoPunks, which are famous as the first NFT collection ever created.
The NFTs being sold by Tiffany’s are being marketed as accessories to the main %CryptoPunks product.
People who spend $50,000 U.S. for an “NFTiff” will receive a Tiffany pendant version of the CryptoPunk NFT they already own. They’ll also get a digital version of that pendant, which is the actual NFT.
Some analysts are questioning the timing of Tiffany’s expensive foray into an NFT collection, coming as it does with the cryptocurrency market slumping around the world. The price of Ethereum is down 58% this year.
Many NFT creators are now giving away their digital collectibles for free in the hopes that they’ll profit from secondary market royalties.
However, Tiffany isn’t the only luxury brand or retailer to move into NFTs. Last year, athletic company %Adidas ($ADDDF) partnered with the Bored Ape Yacht Club for the launch of its own NFT, and %Gucci has put its clothing on famous NFT characters.