Alexandre Arnault, executive vice president of product and communications at Tiffany & Co., transformed his CryptoPunks NFT into a physical rose gold-and-enamel pendant.
A Twitter poll revealed that other CryptoPunks community members wanted one as well.
To make it happen, Arnault collaborated with Deepak Thapliyal, CEO of blockchain firm Chain.
The “NFTiff” collection went live on August 5th, with 250 non-fungible tokens priced at 30 ether (ETH) each.
The project sold out in 22 minutes and raised $12.5 million in ether.
Holders have until Friday at 9:00 p.m. ET to exchange their digital collectible for a physical pendant and chain.
Thapliyal, the owner of the rare Alien Punk #5822, paid $23.58 million for his NFT, the most ever paid for a CryptoPunk.
According to Chain executives, Chain handled the NFT design concepts, developed the smart contracts, and devised the marketing and sales plans.
According to Mackenzie Valk, Chain’s director of operations, NFTiff is a dynamic NFT that functions as a digital pass and begins with a pixelated image of Tiffany & Co.’s signature blue jewellery box. If a physical pendant is redeemed, a placeholder image will be used until the order is processed.
The NFTiff, in its final form, is a certificate of authenticity that bears the likeness of its owner’s bespoke pendant.
The NFTiff remains a digital collectible in a wallet if it is not redeemed.
“We were very focused on making this a Tiffany-level experience.”
“This wasn’t going to be for the masses,” Chain’s chief marketing officer, Mike Herron, told Blockworks.
He described the public sale process as strategic and controlled.
There were two types of customers: existing Web3 CryptoPunk customers and Tiffany’s traditional jewellery clients who were unfamiliar with CryptoPunks but wanted to be a part of the NFTiff project.
“It was structured that way because it’s a significant investment,” Valk explained.
The total number of pendants redeemed is still being determined because the order window is still open, but the company recorded 169 orders at the time of publication.
Necklaces are expected to be delivered by February 2023.
The CryptoPunks’ floor price increased from 68 ETH on July 31, the day after NFTiff’s initial announcement, to 76 ETH on August 4, the day before the mint went live.
At the time of publication, the floor price was around 74 ETH.