Challenging Tiffany & Co. and What Could be the Most Expensive Public Sale in NFT History
16 Août 2022 - 6:44AM
NEWSBTC
Are diamonds an NFT holder’s best friend? The answer might be yes
for a few hundred CryptoPunks holders, and it could soon be the
same for thousands of 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. Limited to a supply of 250, the exclusive collection is the
fruit of a partnership between Tiffany and Chain, a blockchain
software development company. Tiffany first announced its unique
NFT collection at the start of August. Dubbed NFTiff, each 30 ETH
purchase gives buyers a Tiffany pendant of a CryptoPunk in their
collection and a digital version that replicates the physical
design. The luxury brand said each custom, one-of-a-kind pendant
would be made out of 18k rose or yellow gold with at least 30
gemstones. Jewelers will color-match the enamel and gemstones to
mimic the Punk’s virtual hues. Anyone can buy an NFTiff, but only
CryptoPunk holders have the ability to embark on the customized
jewelry experience. Tiffany noted renders of the pendants would be
ready by October, with the physical jewelry heading to owners by
mail in 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 Continue Diving Into The NFT World
Unsurprisingly, the news stirred up a lot of opinions. Some
expressed excitement that a luxury jewelry brand targeted wealthy
buyers 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 teamed up
with Bored Ape Yacht Club for an NFT project focused on digital
garments, while Gucci has worked with the SuperRare marketplace on
a few NFT collaborations so far. Many wonder if Tiffany’s move into
the NFT world represents a new frontier for jewelry collecting. A
news release from the jeweler highlights how Vice President
Alexander Arnault helped inspire the collaboration with Chain after
posting his own customized Punk pendant earlier in 2022. Chairman
Bernard Arnault mused about Web3 in January and explained how
applying the metaverse and 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.
Thoughts are crypto whales will highly covet NFTiff as buyers will
receive both an NFT and a bespoke piece of Tiffany jewelry. Is A
New Era Approaching For Jewelry Collectors? After Tiffany & Co.
quickly sold out its limited collection, other brands may now be
wondering what they can take away from its great success. This has
been top of mind for artist Johnathan Schultz, but his journey into
the NFT space began many months ago, long before the NFTiff launch.
Schultz is an innovative, luxury artist who is already renowned for
incorporating precious metals and diamonds into his work. Schultz
understands how high-end collectors value physical jewelry and
unique digital art, and is now laser focused on integrating
physical jewelry with NFTs. Based out of Las Vegas, the South
African artist and entrepreneur has gained prominence for
integrating precious metals and diamonds into his work and for
trailblazing new applications of both in larger-scale projects. One
way is through the GemSet NFTs. 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. Prior to GemSet, Schultz
spent a great deal of time giving back to the community. Schultz
has been involved in a number of charitable events including with
Ride2Revive, an organization which helps children with
life-threatening 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. Currently at GemSet, team
members are building an Artist Launchpad to solicit funding
applications for creatives looking to jumpstart their careers.
Artists who are holders of the Gem NFT will also have the
opportunity to study under Schultz and succeed in the commercial
art world. The mint date for GemSet and the price are not yet set,
but those interested in the project can visit the official website,
Twitter and Instagram for more details and updates.
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