NFTiff – the newest collaboration transforming CryptoPunks into jewellery – marks high-end brand Tiffany and Co’s latest partnership, with the new project renewing interest in CryptoPunks and driving a 248 percent spike in sales volume:
CryptoPunk Owners Can Buy Up to Three Diamond Necklaces at $50k Apiece
The partnership will enable CryptoPunk owners to purchase up to three diamond-encrusted necklaces for 30 ETH (approximately US$50,000) each from August 5. Each Punk pendant will be set in 18-carat gold (yellow or rose) with 87 different attributes and 159 colours available for the custom designs.
The project was first promoted in April by Tiffany & Co vice president Alexandre Arnault, who revealed his own rose gold and enamel CryptoPunk to the delight of onlookers. The Punk featured sapphire and Mozambique ruby-coloured glasses, and yellow diamond earrings:
Based on the social media reaction, the community appears genuinely excited about the partnership following details of its launch, regardless of the hefty price tags.
The announcement of NFTiff appears to have rekindled interest in CryptoPunks. A 1,400 ETH (US$2.3 million) trade volume was recorded in the wake of the news, representing a 248 percent increase on the previous day, according to OpenSea data. The value of the broader CryptoPunks collection had also risen by 5 percent in the previous 24 hours at the time of writing.
CryptoPunks’ Recent Successes
CryptoPunks had been gaining a small amount of collector interest prior to the Tiffany and Co collaboration. CryptoPunk #4464 notably reversed NFT market trends in mid-July by selling for a massive 2,500 ETH (approximately US$2.6 million). CryptoSlam identified this as the single-largest NFT sale from the previous 30 days, despite typical winter market lows.
CryptoPunks also proved they make good loan collateral as MetaStreet, a liquidity routing and scaling solution for the NFT collateralisation platform, allowed a loan of US$8 million to be collateralised by 101 CryptoPunks.
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