Are diamonds an NFT holder’s best friend? It might be true for some CryptoPunks owners, but that could change soon for many others.
Tiffany & Co., the well-known luxury jeweler and specialty retailer, made a lavish entrance into the NFT space this month, raking in more than $12.5 million from its first NFT collection that sold out less than 30 minutes after launch. This exclusive collection was limited to 250 copies and is the result of a partnership with Chain, a blockchain-software development company.
At the beginning of August, Tiffany announced their NFT Collection. The NFTiff collection, which is 30ETH in value, gives customers a Tiffany pendant featuring a CryptoPunk and an electronic replica of the actual design.
Each custom-made, unique pendant will be created from 18k rose gold or yellow-gold with at least 30 gems. Jewelers will color-match the enamel and gemstones to mimic the Punk’s virtual hues. An NFTiff can be purchased by anyone, but CryptoPunk members have exclusive access to the personalized jewelry experience.
Tiffany stated that renderings of the pendants were expected to be available by October and the actual jewelry would arrive by mail by 2023. The unique foray into the NFT world is made possible through CryptoPunk owners “leveraging their IP rights” and does not directly involve CryptoPunks or the Larva Labs parent company.
Global Fashion Brands Keep Diving into the NFT World
It’s not surprising that the news provoked a variety of opinions. Many expressed delight that the luxury jewelry company targeted wealthy customers with an exclusive product. Others wondered about the timing amid Ether’s continued price slide and moves by NFT creators to lower asking prices.
On August 1st, CryptoPunk trade volume surged by 1,847% in a 24-hour period, seemingly tied to Tiffany’s announcement of its exclusive NFT collection.
Tiffany’s announcement adds the famed retailer to a growing list of fashion-based brands engaging with NFTs and Web3. Adidas joined forces with Bored Ape Yacht Club to create an NFT project that focuses on digital garments. Gucci, on the other hand, has collaborated with SuperRare on several NFT projects.
Many wonder if Tiffany’s move into the NFT world represents a new frontier for jewelry collecting. After posting his Punk pendant, Alexander Arnault (Vice President) in 2022, a press release by the jeweler highlights the inspiration for the collaboration with Chain.
Bernard Arnault, Chairman of Web3, mused on January’s Web3 and described how the metaverse can be applied to NFTs. “…can undoubtedly have a positive impact —if it is well done — on the activity of the brands, but it is not our objective to sell virtual sneakers at €10. We are not interested in that.”
Tiffany’s move remains unique within the NFT world. It has an air of exclusivity, with the NFT’s starting price and the brand behind it that’s not really been seen before.
It is believed that crypto whales would be very interested in NFTiff because buyers will get both an NFT as well as a custom piece of Tiffany jewelry.
The New Era of Jewelry Collectors is Here!
After Tiffany & Co. quickly sold out its limited collection, other brands may now be wondering what they can take away from its great success. Johnathan Schultz is aware of the importance of this topic, however, his journey to NFT began long before NFTiff was launched.
Schultz is a luxury, innovative artist known for his use of precious metals and other diamonds. Schultz is well aware of the high value that collectors attach to physical jewelry, as well as unique digital art. He has now refocused his efforts on using NFTs to integrate physical jewelry into digital art.
The South African artist and entrepreneur, based in Las Vegas has been a prominent figure for his integration of precious metals as well as diamonds into his art and the innovative use of these materials in large-scale projects. GemSet NFTs are one method. According to the project, each NFT in GemSet’s 10K Generative collection is associated with a diamond, which underlies each NFT to incorporate real life elements of Schultz’s art into the digital collection.
Schultz was a volunteer who gave back to his community before GemSet. Schultz was involved with Ride2Revive which assists children living with serious illnesses. Schultz also donated an exclusive $150,000 multi-layered gold basketball piece to help fund Hennessy’s ‘Unfinished Business’, a non-profit that provides relief and support to small business owners.
GemSet team members currently work on an Artist Launchpad, which will solicit funding requests for artists looking to kickstart their career. Gem NFT holders will have the chance to learn from Schultz, and be successful in the art business. GemSet is still in development. The price and mint date are yet to be determined. However, those who are interested in this project can visit their official website. TwitterFor more information or updates, visit Instagram.