Tiffany & Co. are releasing an NFT collection and the prices are STAGGERING
Tiffany and Co., the luxury goods brand, are launching their own series of NFTs.
They’re calling the collection: ‘NFTiff’
(Not a joke).
As may be expected from a brand that’s spent over 100 years building its reputation as ‘luxury,’ the series of 250 NFTs are priced at...get this:
30ETH each (that's about ~$50k!).
There’s not a ton of info on how the project will work exactly but based on NFTiff’s FAQs, it seems to only really be available to existing holders of CryptoPunks.
(...is there even are cross over audience there? Or are we missing something?)
When an NFTiff is purchased and redeemed by a CryptoPunks holder, Tiffany and her crew will turn the CryptoPunk into a custom designed physical pendant, and a digital artwork based off the physical design.
It makes more sense when you see what they created for one of the company’s VP’s earlier this year:
This project seems to pose more questions than answers. For example:
There doesn’t seem to be any utility attached to the NFTiffs. Maybe they’re too detached from the industry to see the value in adding utility; or maybe, by creating an NFT that is pure art, that is their way of standing out (?)
There are 10k CryptoPunks and only 250 NFTiffs. Will they eventually offer 9750 more NFTiffs? Or are they using the age-old economics concept of scarcity to keep prices high? Also, what happens when a CryptoPunk holder sells the NFTiff to another CP holder? Do they create another physical pendant?
This isn’t Tiff’s first foray into Web3, their Twitter profile pic is an NFT purchased in March this year for $380k. (What else do they have in store?)
While this is an interesting project, and we’re intrigued to see how it goes, it kinda feels like Tiffany and Co. have heard about the megatrend that is Web3, and decided to jump in without a ton of consideration.
Feels like it missed the mark a bit, but then again, maybe we’re just not the target market?
Maybe we should mind our own business? ¯\_(ツ)_/¯
Honestly, good luck to them - the more people in Web3, the better.