Tiffany & Co. NFT sale sells out, luxury jewelry retailer rakes in $12.5 million from Ethereum
On August 5, 2022, US 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.
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.
What do you think of the Tiffany & Co. Nftiff sale? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Tiffany & Co. Nftiffs
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.