Tiffany & Co. NFT Sale Sells, Luxury Jewelry Retailer Raises $12.5M From Ethereum – Blockchain Bitcoin News

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

Tiffany & Co. NFT sale sells for $12.5 million in Ether

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

Tiffany & Co. NFT sale sells out, luxury jewelry retailer rakes in $12.5 million from Ethereum
“According to Cryptopunk owners who purchase pendants, each piece will use a minimum of 30 gemstones and/or diamonds to create custom designs with the utmost fidelity to the original NFT art,” Tiffany explained last week. “Examples of gemstones include, but are not limited to, sapphires, amethyst, and spinel.”

Each NFT, otherwise known as Nftiff, sold for 30 ethers or just over $50,000 per NFT on Friday. The combined value of the sale earned the luxury jewelry retailer more than $12.5 million. “We are exhausted on the 250 Nftiff. Until the next mint,” Tiffany wrote on Friday. Data from Dune Analytics indicates that 94 Nftiffs have been traded so far by a total of 73 Cryptopunk NFT owners. On the same day as the sale, Tiffany’s said:

Nftiff couldn’t be easier. Purchase your NFT through the Nftiff Gateway, choose your Cryptopunk, and Tiffany artisans will craft it into a bespoke pendant.

Nftiffs sell for less than original selling price in secondary markets

Cryptoslam.io metrics show that Nftiff’s original sale and secondary market sales reached the top ranking of NFT collections by sales volume in the past seven days. There have been 299 transactions to date from the 182 owners storing NFTiff NFTs across 48 active wallets. Data from Cryptoslam.io and metrics from nftgo.io both indicate that there have been predicted secondary sales for Tiffany’s initial asking price.

Both NFT analytics sites show that Nftiff sales have dropped to 27 ether and some for 27.5 and 27.8 ETH by Nftiff. This means owners have been selling Nftiffs at a loss in secondary markets, like Nftiff #42, which sold 19 hours ago for 27 ethers or a hair over $46,000. Currently, as of this writing on Sunday afternoon at 2:00 PM (EST), the floor price of Nftiff has returned to the value of 30 ETH Nftiffs originally sold during the Tiffany sale.

Keywords in this story

30 ETH, 30 ethereum, August 5, Blockchain, Blog Post, Reviews, cryptopunk, Cryptopunks Pendant, luxury jewelry, luxury jewelry company, nft, Nftjeweler.eth, NFT, Non-Fungible Token, NYSE: TIF, Social Media , specialty retailer , Tiffany & Co., Tiffany’s Nftiff, Tiffany’s

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Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons, Tiffany & Co. Nftiffs

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