Tiffany & Co. NFT Sale Sells out, Luxury Jewelry Retailer Rakes in $12.5M in Ethereum – Blockchain Bitcoin News

On August 5, 2022, the American luxury jewelry retailer Tiffany & Co. announced that the company’s non-fungible token (NFT) mint called “Nftiff” sold out. Tiffany’s sold 250 Nftiffs for 30 ethereum per Nftiff raking in more than $12.5 million from the sale. The NFTs created by Tiffany’s have to be redeemed by August 12 and so far 94 Nftiffs have been redeemed.

Tiffany & Co. NFT Sale Sells Out Gathering $12.5 Million in Ether

Six days ago, News reported on Tiffany & Co. revealing an NFT mint called “Nftiff,” a new product crafted by Tiffany’s that combines non-fungible token technology and luxury jewelry. Since then Tiffany’s has hosted its sale and all 250 NFT units sold out, according to a tweetPublished by the company August 5.

Tiffany & Co. NFT Sale Sells out, Luxury Jewelry Retailer Rakes in $12.5M in Ethereum
“Depending on which Cryptopunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art,” Tiffany’s explained last week. “Examples of gemstones include but are not limited to Sapphires, Amethyst, and Spinel.”

NFTs, also known as Nftiffs, were sold at 30ether, or just under $50k per NFT. For luxury jewelry retailer, the combined sale value was more than $12.5million. “We are sold out of all 250 Nftiff. Until the next mint,” Tiffany’s wrote on Friday. Dune Analytics data indicates that so far, 94 Nftiffs had been redeemed by a total 73 Cryptopunk NFT owner. On the same day as the sale, Tiffany’s said:

Nftiff couldn’t be easier. Buy your NFT from the Nftiff Gateway, select your Cryptopunk option and your Tiffany artisans will make it into a unique pendant.

Selling Nftiffs for less than the original sale price on secondary markets

The data show that Nftiff sales and secondary market sales have risen to the top of the NFT sales ranking, based on the volume sold in the seven-day period. There’s been 299 transactions to date from the 182 owners storing Nftiff NFTs on 48 active wallets. data and metrics both indicate that there’s been some secondary sales set for under Tiffany’s original asking price.

Nftiffs have been selling for as little as 27 Ethereum, and as high as 27.5 ETH and 27.8ETH respectively. Nftiff owners are losing Nftiffs on secondary markets. Nftiff #42 sold for just 27 ether, or slightly more than $46K 19 hours ago. Currently, at the time of writing on Sunday afternoon at 2:00 p.m. (EST), the Nftiff floor price is back to the 30 ETH value Nftiffs originally sold for during Tiffany’s sale.

This story contains tags
30 ETH, 30 ethereum, August 5, Blockchain, Blog Post, Critics, cryptopunk, Cryptopunks pendant, luxury jewelry, luxury jewelry company, nft, Nftjeweler.eth, NFTs, Non-fungible Token, NYSE: TIF, Social Media, specialty retailer, Tiffany & Co., Tiffany’s Nftiff, Tiffany’s

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Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5700 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

Images Credits: Shutterstock, Pixabay, Wiki Commons, Tiffany & Co. Nftiffs

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